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X: The standard abbreviation for exports produced by the foreign sector and purchased by the domestic economy, especially when used in the study of macroeconomics. This abbreviation is most often seen in the aggregate expenditure equation, AE = C + I + G + (X - M), where C, I, G, and (X - M) represent expenditures by the four macroeconomic sectors, household, business, government, and foreign. The United States, for example, sells a lot of the stuff produced within our boundaries to other countries, including wheat, beef, cars, furniture, and, well, almost every variety of product you care to name.

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MATERIALS BALANCE: A hard and fast rule that the total amount of stuff removed from the natural environment will be eventually returned, probably as pollution. This is based on a fundamental law of physics that says material can be neither created nor destroyed, but only transformed. During any given period (such as a year) the quantity of materials returned to the environment is the difference between the quantity extracted and the quantity used by the economy.

     See also | environment | pollution | natural resources | pollution types | scarcity rent | Pigouvian tax | recycling | Coase theorem | command and control | pollution rights market |


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GOVERNMENT CONSUMPTION EXPENDITURES AND GROSS INVESTMENT

The official item in the National Income and Product Accounts maintained by the Bureau of Economics Analysis measuring government purchases undertaken by the government sector. Government consumption expenditures and gross investment averages between 15-20 percent of gross domestic product. As might be expected, this percentage tends to be ebb and flow with the political winds. Some political leaders prefer more government activity, others less. However, this percentage is even more dependent on military conflicts and wars that require massive government activity. The other official expenditures included in the National Income and Product Accounts are personal consumption expenditures, gross private domestic investment, and net exports of goods and services.

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Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a set of luggage without wheels or a how-to book on wine tasting. Be on the lookout for telephone calls from long-lost relatives.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
"The greatest things ever done on Earth have been done little by little. "

-- William Jennings Bryan

IEBNR
Income Earned But Not Received
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