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PERSONAL TAX AND NONTAX PAYMENTS: The official item in the National Income and Product Accounts maintained by the Bureau of Economic Analysis measuring personal income taxes paid to the government sector on personal income received by the household sector. Personal tax and nontax payments are subtracted from personal income (PI) to calculate disposable income (DI). Personal tax and nontax payments are about 15% of personal income and about 13% of gross domestic product.
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Lesson 6: Supply | Unit 2: Law of Supply
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Page: 6 of 19
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An important question is: Why does the law of supply work?- The answer rests with production cost. In particular, the law of supply exists because of the law of increasing opportunity cost.
- As we saw with production possibilities analysis, by increasing the production of a good, the opportunity cost of production increases.
- Production cost increases as we increase production. To supply a larger quantity, producers need to cover these higher production costs with a higher price.
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FULL EMPLOYMENT, PRODUCTION POSSIBILITIES Full employment is the condition that exists when all available resources are engaged in the production of goods and services. In other words, all resources that could be used for production are being used. This is indicated in production possibilities analysis by producing a combination of goods that places the economy on the production possibilities curve.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex seeking to buy either a green and yellow striped sweater vest or a Boston Red Sox baseball cap. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
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"If you don't know where you are going, any road will get you there." -- Lewis Carroll, writer
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HDI
Human Development Index
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