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INCOME: Revenue earned or received by households that can be used for consumption or saving. For the aggregate economy, earned income is termed national income, while received income is termed personal income. The key is that income for the aggregate economy is generated in the production of goods and services.
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EXPORTS LINE A graphical depiction of the relation between exports sold to the foreign sector and the economy's aggregate level of income or production. This relation is most important for deriving the net exports line, which plays a minor, but growing role in the study of Keynesian economics. An exports line is horizontal which indicates that exports are totally autonomous, with no induced component. The aggregate expenditures line used in Keynesian economics is derived by adding or stacking the net exports line, derived as the difference between the exports line and imports line, onto the consumption line, after adding investment expenditures and government purchases.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale hoping to buy either a hepa filter for your furnace or a wall poster commemorating next Thursday. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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"I was always looking outside myself for strength and confidence, but it comes from within. It is there all the time. " -- Anna Freud, psychologist
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BIS
Bank for International Settlements
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