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PERSONAL INCOME AND NATIONAL INCOME: Personal income (PI) is the total income received by the members of the domestic household sector, which may or may not be earned from productive activities during a given period of time. National income (NI) is the total income earned by the citizens of the national economy resulting from their ownership of resources used in the production, which may or may not be received by members of the household sector. Personal income can be derived from national income by subtracting income earned but not received (IEBNR) and adding income received but not earned (IRBNE).

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Lesson 2: Economic Science | Unit 2: Theory Page: 6 of 20

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

Economic theories are abstractions of the real world.

Three ways to abstract:
  • Words. The earliest human method of abstraction was to represent objects with words. Words also represent ideas. But words can have different meanings.
  • Graphs. Pictures, especially graphical pictures. Many economic theories are abstractly represented with graphs. A picture or graph can be less confusing that words.
  • Equations. Graphs are two-dimensional pictures of mathematical equations. Economic theories are often abstractly represented by equations. Equations can represent relationships between three or more things, like that for X, Y and Z:
Y = 3 + 2X - 4Z

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SERVICES, CONSUMPTION

Personal consumption expenditures on activities that provide direct satisfaction of wants and needs without the production of tangible goods. Common examples are information, entertainment, and education. This is one of three categories of personal consumption expenditures in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. The other two are durable goods and nondurable goods. Services are about 60 percent of personal consumption expenditures and 40 percent of gross domestic product.

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APLS

BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either a T-shirt commemorating next Thursday or a birthday gift for your uncle. Be on the lookout for letters from the Internal Revenue Service.
Your Complete Scope

This isn't me! What am I?

The average length of a "business lunch" is about 36 minutes.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

GNP
Gross National Product
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