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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 10: Utility and Demand | Unit 1: The Set Up
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- Recall that the definition of demand is something like this:
- Demand is the willingness and ability to buy a range of quantities of a good at a range of prices, during a given time period.
- The law of demand...
- The law of demand states that an inverse relation exists between demand price and the quantity demanded, ceteris paribus.
- If the price rises, buyers buy less; if the price falls, buyers buy more.
- One set of explanations for the law of demand are the income effect and the substitution effect.
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POTENTIAL REAL GROSS DOMESTIC PRODUCT The total real output (real gross domestic product) that the economy can produce if resources are fully employed. In theory this means that the economy is operating ON the production possibilities frontier. Full employment is generally indicated by achieving what is termed the natural unemployment rate. If the economy is at full employment then actual real gross domestic product is equal to potential real gross domestic product and the actual unemployment rate is equal to the natural unemployment rate. The macroeconomy is thus living up to its potential.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for telephone calls from long-lost relatives.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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WLLN
Weak Law of Large Numbers
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