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WEALTH DISTRIBUTION: The manner in which wealth is divided among the members of the economy. A perfectly equal wealth distribution would mean everyone in the country has exactly the same wealth. In reality, wealth is unequally distributed. A few people have a great deal of wealth and most others have less. Any well-functioning economy, that's doing a pretty good job of satisfying consumer wants and needs, will have some degree of inequality in the distribution of wealth. This occurs because some people have done a good job of producing what people want, and thus grow wealthy. However, wealth tends to perpetuate itself, over and above what may be justified by valuable production. Along with wealth comes market control, political power, and the ability to accumulate more wealth at the expense of others.

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Lesson 8: Market Shocks | Unit 2: Determinants Page: 6 of 20

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

Five basic supply determinants:
  • Resource prices: Higher prices of inputs such as labor, land, and raw material, decrease supply.
  • Technology: Improved technology means an increase in supply.
  • Prices of other goods: An increase in the price of a substitute-in-production, decreases supply. An increase in the price of a complement-in-production, increases supply.
  • Seller's expectations: If sellers expect higher prices tomorrow, they decrease supply today.
  • Number of sellers: More sellers mean more supply.

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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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Today, you are likely to spend a great deal of time lost in your local discount super center trying to buy either a set of tires or a birthday gift for your grandfather. Be on the lookout for infected paper cuts.
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The average bank teller loses about $250 every year.
"When you play, play hard; when you work, don't play at all. "

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