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APC: The abbreviation for average propensity to consume, which is the proportion of income, usually measured as disposable income or national income, used for household consumption expenditures. It is found by dividing consumption by income. The average propensity to consume, abbreviated APC, most often pops up in discussions of Keynesian economics. The average propensity to consume is the average amount of total household income that is devoted consumption expenditures.
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Lesson 22: Factor Supply | Unit 3: Factor Supply
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Page: 17 of 25
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In this unit, you should have learned about:- The three types of supply -- market supply, supply by a firm, and supply to a firm -- and the role supply to a firm has in the analysis of factor markets.
- The four types of market structures based on market control of the buying-side -- perfect competition, monopsony, monopsonistic competition, and oligopsony.
- The three notions of factor cost -- total factor cost, average factor cost, and marginal factor cost.
- The role of market control in the equality or inequality of factor price, average factor cost, and marginal factor cost.
- The two factor supply curves -- one horizontal, the other positively sloped -- based on no market control or some market control.
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INDIRECT BUSINESS TAXES The official entry in the National Income and Product Accounts maintained by the Bureau of Economic Analysis for sales taxes. Indirect business taxes are one key difference between national income (the resource cost of production) and gross (and net) domestic product (the market value of production). Indirect business taxes (IBT) is generally less than 10 percent of gross domestic product (7 to 8 percent is common).
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a bookshelf that will fit in your closet or a birthday greeting card for your grandfather. Be on the lookout for mail order catalogs with hidden messages.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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AAT
Association of Accounting Technicians
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