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September 19, 2021 

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INCOME RECEIVED BUT NOT EARNED: Abbreviate IRBNE, this is income received by the household sector, but not earned by a factor of production. The three types of income received but not earned are Social Security payments, unemployment compensation payments, and welfare payments. These are also the three key transfer payments from the government sector to the household sector. The basic goal of transfer payments is to transfer a portion of the income earned by the factors of production (because they HAVE income) to other members of the household sector (who presumably NEED more income than they have). IRBNE is added to national income to derive personal income.

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Lesson Contents
Unit 1: Selling Basics
  • The Concept
  • Supply Price
  • Quantity Supplied
  • Unit 1 Summary
  • Unit 2: Law of Supply
  • Definition
  • Production Cost
  • Unit 2 Summary
  • Unit 3: Supply Curve
  • Schedule
  • Curve
  • Space
  • Unit 3 Summary
  • Unit 4: Determinants
  • Ceteris Paribus Factors
  • Shifters: Increase
  • Shifters: Decrease
  • Types
  • Ch..Ch..Changes
  • Unit 4 Summary
  • Unit 5: Scarcity
  • Limited Resources
  • Unit 5 Summary
  • Course Home
    Market Supply

    This supply lesson provides an introduction, not only into Stuffed Amigo selling behavior, but into selling a wide range of other goods, even goods that aren't cute and cuddly. In fact, this supply topic does more than offer insight into selling behavior. It's also the second half of the market analysis -- the first half being demand. And to reiterate what I noted during the demand lesson, market analysis is one of the most widely used tools in the study of economics for explaining a lot of economic phenomenon. Of course to use markets, we now need to consider supply.

    • The first unit of this lesson, Selling Basics, introduces the basic concept of supply and a few related terms such as supply price and quantity supplied.
    • In the second unit, Law of Supply, we move into a discussion of the law of supply, which captures the basic relation between supply price and quantity supplied.
    • The third unit, Supply Curve, then develops the supply curve, which is the graphical embodiment of the supply concept.
    • Moving onto the fourth unit, Determinants, we examine how the five basic supply determinants cause the supply curve to shift from one location to another.
    • And in the fifth and final unit, Scarcity, we make a connection between supply and the limited resources part of scarcity.

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    INDUCED GOVERNMENT PURCHASES

    Government purchases that depend on income or production (especially national income and gross domestic product). That is, changes in income induce changes in government purchases. Induced government purchases reflect the observation that the government sector (especially state and local governments) is inclined to use tax revenue, which increases with income, for purchases. They are measured by the marginal propensity for government purchases (MPG) and are reflected by the positive slope of government purchases line. The alternative to induced government purchases is autonomous government purchases, which do not depend on income.

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    APLS

    BEIGE MUNDORTLE
    [What's This?]

    Today, you are likely to spend a great deal of time browsing through a long list of dot com websites wanting to buy either a birthday greeting card for your father or a T-shirt commemorating the first day of spring. Be on the lookout for vindictive digital clocks with revenge on their minds.
    Your Complete Scope

    This isn't me! What am I?

    Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
    "When you play, play hard; when you work, don't play at all. "

    -- Theodore Roosevelt, 26th US president

    MC
    Marginal Cost
    A PEDestrian's Guide
    Xtra Credit
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