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INCOME STATEMENT: A statement of the revenues, expenditures, and profit for a business, household, or government entity over a given period of time. An income statement also goes by the names profit and loss statement, earnings report, and operating statement. This is one of two key financial statements for an entity. The other is a balance sheet, which is a statement of assets, liabilities, and net worth at a given point in time.
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Lesson 7: Market | Unit 1: The Exchange
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Page: 3 of 22
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Competition (especially our fourth rule of competition) brings out the best among buyers and sellers, that is, efficient use of resources.- Competition among sellers forces them to supply the most wanted products at the lowest resource cost.
- Competition among buyers forces them to spend their limited incomes on the most satisfying goods.
- Less competition among sellers than among buyers lets the sellers charge higher prices.
- Less competition among buyers than among sellers lets the buyers pay lower prices.
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INCOME RECEIVED BUT NOT EARNED The three types of income received but not earned (IRBNE) are Social Security payments, unemployment compensation payments, and welfare payments. These are three key transfer payments from the government sector to the household sector. The basic goal of transfer payments is to transfer a portion of the income earned by the factors of production (because they HAVE income) to other members of the household sector (who presumably NEED more income than they have). IRBNE is added to national income to derive personal income.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet hoping to buy either a birthday gift for your father that doesn't look like every other birthday gift for your father or a green fountain pen. Be on the lookout for broken fingernail clippers.
Your Complete Scope
This isn't me! What am I?
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John Maynard Keynes was born the same year Karl Marx died.
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"Courage is the ladder on which all the other virtues mount." -- Claire Boothe Luce, diplomat, writer
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BA
Bank Acceptance
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