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UNPLANNED INVESTMENT: Investment expenditures that the business sector undertakes apart from those they intend to undertake based on expected economic conditions, interest rates, sales, and profitability. Another term for unplanned investment is change in inventories, which result when aggregate expenditures differ from aggregate output. Unplanned investment can be either positive or negative, meaning business inventories can either rise or fall. Should unplanned investment occur, then actual and planned investment differ, aggregate expenditures are not equal to aggregate output, and the macroeconomy is not in equilibrium.

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PERFECT COMPETITION, LONG-RUN ADJUSTMENT: A perfectly competitive industry undertakes a two-part adjustment to equilibrium in the long run. One is the adjustment of each perfectly competitive firm to the appropriate factory size that maximizes long-run profit. The other is the entry of firms into the industry or exit of firms out of the industry, to eliminate economic profit or economic loss. The end result of this long-run adjustment is a multi-faceted equilibrium condition that price is equal to marginal cost and average cost (both short run and long run).

     See also | perfect competition, long-run production analysis | perfect competition, long-run equilibrium conditions |


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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. Personal income (PI) is one of three measures of income reported in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. The other two are national income (NI) and disposable income (DI). Two related measures of production are gross domestic product (GDP) and net domestic product (NDP). 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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