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July 31, 2014 

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NET FOREIGN FACTOR INCOME: The difference between factor payments received from the foreign sector by domestic citizens and factor payments made to foreign citizens for domestic production. Net foreign factor income, abbreviated NFFI, is the key difference between gross DOMESTIC product and gross NATIONAL product in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. It is also an important difference between national income (the resource cost of production) and gross/net domestic product (the market value of production).

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MORAL HAZARD: Moral hazard occurs when a person changes behavior to the detriment of another person, after an agreement has been reached. This is an important information problem with insurance. The problem is that the harmed party does not have information concerning the change in behavior.

     See also | information | insurance | risk | deposit insurance | bank failure | rate of return | government | adverse selection | signalling |


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MORAL HAZARD, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2014. [Accessed: July 31, 2014].


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SHORT-RUN AGGREGATE SUPPLY CURVE

A graphical representation of the short-run relation between real production and the price level, holding all ceteris paribus aggregate supply determinants constant. The short-run aggregate supply, or SRAS, curve is one of two curves that graphical capture the supply-side of the aggregate market. The other is the long-run aggregate supply curve (LRAS). The demand-side of the aggregate market is occupied by the aggregate demand curve. The positive slope of the SRAS curve captures the direct relation between real production and the price level that exists in the short run.

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Real Average Hourly Earnings
May 2014
$10.28
Down 0.2% from April 2014

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Today, you are likely to spend a great deal of time browsing about a thrift store wanting to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for broken fingernail clippers.
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The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
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