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TRANSFER PAYMENTS: Payments made without any corresponding production or expectations of production. Unless otherwise noted (such as business transfer payments), the term transfer payments generally refers to payments by the government sector to the household sector. The three most important transfer payments in our economy are for Social Security, unemployment compensation, and welfare. The intent of these transfers payments is to redistribute income, and thus the goods and services that can be had with the income. Transfer payments surface as income received but not earned (IRBNE) added to national income to derived personal income.
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Lesson 10: Utility and Demand | Unit 1: The Set Up
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Page: 4 of 21
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In this unit, you should have learned about:- A review of the demand concepts that are closely investigated by the study of utility, including law of demand, demand price, quantity demanded, income effect, and substitution effect.
- A review of the utility concepts associated with consumer demand theory, including total utility, marginal utility, law of diminishing marginal utility, and utility maximization.
- Why buying decisions are likely to depend on the marginal utility received and the law of diminishing marginal utility.
- How the analysis of utility and consumer demand can be used to understand other decisions.
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PLASTIC MONEY A slang phrase for credit cards, especially when such cards used to make purchases. The "plastic" portion of this term refers to the plastic construction of credit cards, as opposed to paper and metal of currency. The "money" portion is an erroneous reference to credit cards as a form of money, which they are not. Although credit cards do facilitate transactions, because they are a liability rather than an asset, they are not money and not part of the economy's money supply.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store seeking to buy either a box of multi-colored, plastic paper clips or several orange mixing bowls. Be on the lookout for broken fingernail clippers.
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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.
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"Plans are only good intentions unless they immediately degenerate into hard work." -- Peter Drucker, management consultant
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Exports;Marks the Spot
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