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PERSONAL TAXES: The common term for the portion of personal income used to pay personal tax and nontax payments. Personal tax and nontax payments is the official item in the National Income and Product Accounts maintained by the Bureau of Economics Analysis measuring the personal income taxes paid to the government sector on personal income received by the household sector. Personal tax and nontax payments are subtracted from personal income (PI) to calculate disposable income (DI). Personal tax and nontax payments are about 15 percent of personal income and about 13 percent of gross domestic product.

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TWO-SECTOR KEYNESIAN MODEL: A model used to identify equilibrium in Keynesian economics based on aggregate expenditures by the two basic sectors (household and business). Equilibrium is achieved at the intersection of the aggregate expenditures line, AE = C + I, and the 45-degree line, Y = AE. This is the most basic Keynesian aggregate expenditures model that captures an induce expenditure (consumption) and an autonomous expenditure (investment).

     See also | Keynesian economics | Keynesian equilibrium | consumption line | aggregate expenditures line | 45-degree line | household sector | business sector | three-sector Keynesian model | four-sector Keynesian model |


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TWO-SECTOR KEYNESIAN MODEL, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: September 19, 2018].


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DEMAND SHOCK

A disruption of market equilibrium caused by a change in a demand determinant and a shift of the demand curve. A demand shock can take one of two forms--a demand increase or a demand decrease. This is one of two disruptions of the market. The other is a supply shock.

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GRAY SKITTERY
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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either a large, stuffed kitty cat or a cross-cut paper shredder. Be on the lookout for crowded shopping malls.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

KLIC
Kullback-Leibler Information Criterion
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