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APC: The abbreviation for average propensity to consume, which is the proportion of income, usually measured as disposable income or national income, used for household consumption expenditures. It is found by dividing consumption by income. The average propensity to consume, abbreviated APC, most often pops up in discussions of Keynesian economics. The average propensity to consume is the average amount of total household income that is devoted consumption expenditures.
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Lesson 10: Gross Domestic Product | Unit 4: Measuring Income
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Page: 20 of 25
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Income earned by the factors of production that is not received by the households (IEBNR) is subtracted from national income to derive personal income.- Social Security taxes: This is income earned by workers for their production, but paid to the government and not received by households.
- Corporate profit taxes: Part if profit redirected to government.
- Undistributed corporate profits: Retained earnings kept by business for future capital investment.
- Workers, entrepreneurship and/or capital owners earn this income, but do not receive it.
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HYPOTHESIS A reasonable proposition about the workings of the world that is inspired or implied by a theory and which may or may not be true. A hypothesis is essentially a prediction made by a theory that can be compared with observations in the real world. A hypothesis usually takes the form: "If A, then also B." The essence of the scientific method is to test, or verify, hypotheses against real world data. If supported by data over and over again, a hypothesis becomes a principle.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel hoping to buy either a computer that can play music and burn CDs or a T-shirt commemorating last Friday (you know why). Be on the lookout for crowded shopping malls.
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This isn't me! What am I?
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"Advice is like snow ‚ the softer it falls, the longer it dwells upon and the deeper it sinks into the mind. " -- Samuel Taylor Coleridge, poet
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EFT
Electronic Funds Transfer
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