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INCOME EARNED BUT NOT RECEIVED: Abbreviate IEBNR, this is the income earned by factors of production, but not received by members of the household sector. The three types of income earned but not received by the factors of production are Social Security taxes, corporate profits taxes, and undistributed corporate profits. In each case a factor of production has rightfully "earned" the income by contributing to valuable production contained in gross domestic product. However, because this income is not paid to the factor and it is not income received by the household sector. IEBNR is subtracted from national income to calculate personal income.
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Lesson 19: Money Creation | Unit 2: Fred Returns
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Page: 5 of 23
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Let's do a review of our story of Fred the Goldsmith.- Fred the Goldsmith, has developed several modern banking functions.
- Gold, his raw material, is also the economy's medium of exchange, so he has found the SAFEKEEPING function.
- Requests to store extra gold owned by Bill the Knight and others is the DEPOSITORY function of modern banks.
- Requests to borrow gold by Elizabeth the Innkeeper, has led to the LENDING function of modern banks.
- The need to keep some of the gold deposited, but not all of it, has led to the modern banking function of backing deposits with reserves, FRACTIONAL-RESERVE banking.
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INDUCED EXPENDITURES Expenditures on aggregate production by the four macroeconomic sectors that depend on income or production (especially national income or even gross domestic product). That is, changes in income generate changes in these expenditures. Each of the four aggregate expenditures--consumption, investment expenditures, government purchases, and net exports--have an induced component. Induced expenditures are measured by the slope of the aggregate expenditures line. The alternative to induced expenditures are autonomous expenditures, expenditures which do not depend on income.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store hoping to buy either semi-gloss photo paper that works with your neighbor's printer or a birthday gift for your father that doesn't look like every other birthday gift for your father. Be on the lookout for the last item on a shelf.
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This isn't me! What am I?
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"Progress always involves risk. You can't steal second base and keep your foot on first. " -- Frederick B. Wilcox
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VES
Variable Elasticity of Substitution
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