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KEIRETSU: A form of business structure common in Japan which involves an alliance of several businesses, each working toward the mutual success of the group. The alliance also has close ties to government. Each "independent" business owns stock in the others and shares executives and directors. Keiretsu can be either horizontally or vertically integrated. Horizontal keiretsu cluster around a major bank with business ventures in a wide variety of industries. Vertical keiretsu contain businesses in all production phases of a particular industry, from raw materials to production to marketing.

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Lesson 9: Macro Basics | Unit 5: Issues Page: 15 of 16

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Using the scientific method to test macroeconomic theories is an evolving process. Over time, more hypotheses are tested and macroeconomic theories grow, expand and improve.
  • Hypotheses from macroeconomic theories are not easily subject to experimental testing. Economists can't control the economy but must wait for it to cooperate.
  • The result of combining different political philosophies and vested interests with the inability to provide definitive explanations, creates alternative, competing theories that seek to explain the world.

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DISPOSABLE INCOME AND PERSONAL INCOME

Disposable income (DI) is the total income that can be used by the household sector for either consumption or saving during a given period of time, usually one year. 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, usually one year. Disposable income is after-tax income that is officially calculated as the difference between personal income and personal tax and nontax payments. In the numbers game, personal tax and nontax payments are about 15 percent of personal income, which makes disposable personal income about 85 percent of personal income.

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Today, you are likely to spend a great deal of time driving to a factory outlet looking to buy either storage boxes for your income tax returns or an AC adapter for your CD player. Be on the lookout for the happiest person in the room.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
"Always vote for principle, though you may vote alone, and you may cherish the sweetest reflection that your vote is never lost. "

-- John Quincy Adams, 6th US president

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