|
|
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.
Visit the GLOSS*arama
|
|
|
|
|
Lesson 21: Factor Demand | Unit 2: Derived Demand
|
Page: 10 of 24
|
|
Topic:
Three (Or Four) Marginals
|
|
|
- A review:
- Marginal product is the change in the quantity of output produced resulting from a change in the quantity of the factor input used.
- Marginal product measures the physical productivity of a given unit of input.
- Marginal revenue is the change in the total revenue resulting from a change in the quantity of the output produced.
- The combination of marginal (physical) product and marginal revenue leads to the fourth marginal concept:
- Marginal revenue product is the change in the revenue received by a firm resulting from a change in the quantity of the factor input used.
- Marginal revenue product indicates the value of the output produced by an input.
|
|
|
|
|
|
|
ASYMMETRIC INFORMATION Information is not equally available to everyone. Asymmetric information results because efficient information search inevitably stops short of compete information. Some people obtain more benefits from information than others, are willing to incur higher search costs, and thus end up knowing more. Or they incur lower information search costs and have easier access to the information. In a market, sellers tend to have more information about the good than buyers. Asymmetric information gives rise to adverse selection, moral hazard, and the principal-agent problem. These problems can be lessened through signalling and screening.
Complete Entry | Visit the WEB*pedia |
|
|
BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store hoping to buy either a how-to book on home remodeling or a tall storage cabinet with five shelves and a secure lock. Be on the lookout for slightly overweight pizza delivery guys.
Your Complete Scope
This isn't me! What am I?
|
|
|
The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
|
|
|
"Failure will never overtake me if my determination to succeed is strong enough." -- Og Mandino, Author and Speaker
|
|
OSE
Osaka Securities Exchange (Japan)
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
