|
|
PERSONAL CONSUMPTION EXPENDITURES: The official item in the National Income and Product Accounts maintained by the Bureau of Economic Analysis measuring household consumption expenditures on gross domestic product. Personal consumption expenditures are far and away the largest and tends to be the most stable of the four expenditures, averaging about 65-70% of gross domestic product. The other official expenditures included in the National Income and Product Accounts are gross private domestic investment, government consumption expenditures and gross investment, and net exports of goods and services.
Visit the GLOSS*arama
|
|
|
|
|
Lesson 11: Circular Flow | Unit 3: Government
|
Page: 15 of 22
|
- The role the government sector plays in the economy and the circular flow through taxes and spending.
- How taxes divert household sector income to the government sector to pay for government purchases.
- That with the government sector included, the circular flow highlights the three basic uses of national income: consumption, saving, and taxes.
- Why government spending is divided into government purchases of GDP and transfer payments.
- Why the circular flow is interested in the net tax flow (taxes minus transfer payments) from households to government.
- When government does not collect enough taxes to pay for purchases, it can borrow through the financial markets.
- The Federal deficit, which is the borrowing by the federal government to make up the difference between taxes and spending.
- That federal borrowing is combined with state and local borrowing (or saving) for total government borrowing.
- Why the government sector diverts part of the circular flow, but does not necessarily change the total amount of GDP.
|
|
|
|
|
|
|
AVERAGE REVENUE CURVE, MONOPOLY A curve that graphically represents the relation between average revenue received by a monopoly for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a monopoly's output.
Complete Entry | Visit the WEB*pedia |
|
|
BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store hoping to buy either 500 feet of telephone cable or a package of 4 by 6 index cards, the ones with lines. Be on the lookout for jovial bank tellers.
Your Complete Scope
This isn't me! What am I?
|
|
|
In the early 1900s around 300 automobile companies operated in the United States.
|
|
|
"If football taught me anything about business, it is that you win the game one play at a time." -- Fran Tarkenton, Football Player
|
|
OAPEC
Organization of Arab Petroleum Exporting Countries
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
