INCOME RECEIVED BUT NOT EARNED: Abbreviate IRBNE, this is income received by the household sector, but not earned by a factor of production. The three types of income received but not earned are Social Security payments, unemployment compensation payments, and welfare payments. These are also the three key transfer payments from the government sector to the household sector. The basic goal of transfer payments is to transfer a portion of the income earned by the factors of production (because they HAVE income) to other members of the household sector (who presumably NEED more income than they have). IRBNE is added to national income to derive personal income.

     See also | income | national income | personal income | Social Security | welfare | unemployment compensation | gross domestic product | factors of production | household sector |

INCOME RECEIVED BUT NOT EARNED, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: January 18, 2019].

Additional information on this term can be found at:

WEB*pedia: income received but not earned

Back to the GLOSS*arama

A principle of short-run production stating that as a firm combines more of a variable input with a fixed input, the marginal product of the variable input eventually declines. This is THE economic principle underlying the analysis of short-run production for a firm. It offers an explanation for the law of supply and the positive slope of the market supply curve.

Complete Entry | Visit the WEB*pedia

Today, you are likely to spend a great deal of time calling an endless list of 800 numbers trying to buy either storage boxes for your summer clothes or 500 feet of coaxial cable. Be on the lookout for high interest rates.
Your Complete Scope

This isn't me! What am I?

-- Mark Twain

User Feedback