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RESOURCE QUALITY, AGGREGATE SUPPLY DETERMINANT: One of three categories of aggregate supply determinants assumed constant when the short-run or long-run aggregate supply curves are constructed, and which shifts both aggregate supply curves when it changes. An increase in a resource quality causes an increase (rightward shift) of both aggregate supply curves. A decrease in a resource quality causes a decrease (leftward shift) of both aggregate supply curves. The other two categories of aggregate supply determinants are resource quantity and resource price. Specific determinants falling into this general category include education and technology. Anything affecting the quality of labor, capital, land, and entrepreneurship is also included.
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NATIONAL INCOME The total income earned by the citizens of the national economy as a result of their ownership of resources used in the production of final goods and services during a given period of time, usually one year. This is the government's official measure of how much income is generated by the economy in the course of production. National income, generally abbreviated as NI, is the broadest, most comprehensive of three income measures reported in the National Income and Product Accounts by the Bureau of Economic Analysis. The other two are personal income (PI) and disposable income (DI). Two related measures of production are gross domestic product (GDP) and net domestic product (NDP).
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages seeking to buy either a T-shirt commemorating next Thursday or a birthday gift for your uncle. Be on the lookout for poorly written technical manuals.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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"Always vote for principle, though you may vote alone, and you may cherish the sweetest reflection that your vote is never lost. " -- John Quincy Adams, 6th US president
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ACRS
Accelerated Cost Recovery System
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