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SOCIAL SECURITY TAX: A tax on wage earnings that's used to fund the Social Security system. In principle, the Social Security tax is divided equally between employer and employee--your share is listed under the FICA heading of your paycheck. In practice, however, employees really end up paying both employee and employer contributes. The reason is that employers need to consider the entire cost of hiring an employee, including wages, fringe benefits, and assorted taxes. The more they pay in these nonwage items, like Social Security taxes, the less they pay in wages. In that the Social security tax is only on earnings, and excludes profit, interest, and rent, it tends to be a regressive tax.

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Lesson 17: Money | Unit 3: Monetary Aggregates Page: 12 of 25

Topic: M2 <=PAGE BACK | PAGE NEXT=>

M2 is a broader measure of money that includes M1 plus what we can call near money.
  • We have over four trillion dollars of M2 in total.
  • Total M2 averaged over 270 million people is about $15,000 per person.

Near monies:

  • These are temporary savings, a pool of funds that can be accessed quickly and easily.
  • These funds are very liquid, but not perfectly liquid as M1.
  • Some people, specially economists, argue that M2 is the best indicator of our total supply of 'money.'

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STATISTICAL DISCREPANCY

The official adjustment factor in the National Income and Product Accounts that ensures equality between the income and expenditures approaches to measuring gross domestic product. This is one of several differences between national income (the resource cost of production) and gross (and net) domestic product (the market value of production). It is also the key difference between gross domestic income and gross domestic product. This statistical discrepancy tends to be relatively small, usually less than 1 percent of gross domestic product.

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APLS

RED AGGRESSERINE
[What's This?]

Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either a three-hole paper punch or decorative picture frames. Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?

Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

BIS
Bank for International Settlements
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