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RENTAL INCOME OF PERSONS: The official item in the National Income and Product Accounts maintained by the Bureau of Economic Analysis measuring rent earned by the household sector for supplying land and related services. This is one of five official factor payments making up national income. The other four are compensation of employees, net interest, corporate profits, and proprietors' income. Rental income of persons is typically the smallest of the five factor payment categories, usually less than 5% of national income.
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Lesson 2: Economic Science | Unit 5: Cause and Effect
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Page: 19 of 20
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Advertising is unlikely to be the DIRECT cause of greater sales and production.- First link: Advertising increases buyers' preferences.
- Second link: Buyers' preferences increase market demand and market price.
- Third link: Higher price induces suppliers to increase production.
Scientific answer:- The increase in sales and production are caused by higher prices, which is caused by greater demand, which is caused by a change in buyers' preferences, which is caused by advertising.
- The goal of the scientific study of economics is to identify these distinct, but interrelated cause-and-effect principles.
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CYCLICAL UNEMPLOYMENT Unemployment attributable to a general decline in macroeconomic activity, especially expenditures on gross domestic product, that occurs during a business-cycle contraction. When the economy dips into a contraction, or recession, aggregate demand declines, so less output is produced and fewer workers and other resources are employed. Hence unemployment of the cyclical variety increases. Cyclical unemployment is one of four unemployment sources. The other three are seasonal unemployment, frictional unemployment, and structural unemployment.
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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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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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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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JPUBE
Journal of Public Economics
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