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PERSONAL INCOME: The total income received by the members of the domestic household sector, which may or may not be earned from productive activities during a given period of time, usually one year. The primary use of personal income is to measure the income actually paid out to the household sector. After adjusting for income taxes, personal income forms the basis for consumption expenditures on gross domestic product.
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NONDURABLE GOODS, CONSUMPTION: Personal consumption expenditures on tangible goods that tend to last for less than a year. Common examples are food, clothing, and gasoline. This is one of three categories of personal consumption expenditures in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. The other two are durable goods and services. Nondurable goods are about 30% of personal consumption expenditures and 20% of gross domestic product. See also | personal consumption expenditures | consumption | durable goods, consumption | services, consumption | National Income and Product Accounts | Bureau of Economic Analysis |
Recommended Citation:NONDURABLE GOODS, CONSUMPTION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: April 23, 2024].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: nondurable goods, consumption
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SCIENTIFIC METHOD A structured way of investigating and explaining the operation of the world by testing and verifying hypothesized relations. The scientific method is a process of discovery, a method of explaining the way the world operates. Positive economics is the application of the scientific method to economic analysis.
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PINK FADFLY
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Today, you are likely to spend a great deal of time at an auction wanting to buy either a combination CD player, clock radio, and telephone (with answering machine) or a revolving spice rack. Be on the lookout for the last item on a shelf.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. " -- George Lucas
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