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SDR: The abbreviation for Special Drawing Rights, which is a system of accounts nations have with International Monetary Fund that are used to settle any balance of payments deficits. In essence, SDRs are simply an international currency that makes it easier to conduct all sorts of international transactions. In decades past, when gold was used as the primary international currency, any balance of payments deficits was paid with gold. However, in 1967 this system of SDRs was established in lieu of sending gold all over the globe.
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Lesson 10: Gross Domestic Product | Unit 4: Measuring Income
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Page: 18 of 25
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The first three related, but slightly different income measures is national income (NI), income earned by the factors of production.- National income is the sum of wages (W), interest (I), rent (R), profit (P) and proprietors' income (PI):
NI = W + I + R + P + PI - National income is also found by subtracting capital consumption allowance (CCA) and indirect business taxes (IBT) from, and adding net foreign factor income (NFFI) to, GDP:
NI = GDP - CCA - IBT + NFFI - And because NDP = GDP - CCA:
NI = NDP - IBT + NFFI
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VARIABLE COST In general, cost that changes with changes in the quantity of output produced. More specifically, variable cost is combined with the adjectives "total" and "average" to indicate the overall level of variable cost or the per unit variable cost. Variable cost depends on the amount produced. If there is no production, then there is no variable cost.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either a rim for your spare tire or decorative celebrity figurines. Be on the lookout for fairy dust that tastes like salt.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"Man is born to live, not to prepare for life. " -- Boris Pasternak, writer
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FIML
Full Information Maximum Likelihood
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