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IBT: The abbreviation for indirect business taxes, which is 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/net domestic product (the market value of production). For further discussion of this point, see gross domestic product and national income or net domestic product and national income. Indirect business taxes is generally less than 10% of gross domestic product (7-8% is common).

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Lesson 22: Factor Supply | Unit 4: Determinants Page: 21 of 25

Topic: Occupational Mobility <=PAGE BACK | PAGE NEXT=>

  • More on occupational mobility.

  • Occupational mobility is the mobility, or movement, of factors of production from one type of productive activity to another type of productive activity.
  • In particular, occupational mobility is the ease with which resources can change occupations.


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TOTAL FACTOR COST CURVE, PERFECT COMPETITION

A curve that graphically represents the relation between total factor cost incurred by a perfectly competitive firm when using a given factor of production to produce a good or service. The total factor cost curve is most important in factor market analysis for the derivation of the marginal factor cost curve.

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APLS

RED AGGRESSERINE
[What's This?]

Today, you are likely to spend a great deal of time at a garage sale hoping to buy either a set of steel-belted radial snow tires or a wall poster commemorating the 2000 Presidential election. Be on the lookout for attractive cable television service repair people.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
"It is not the straining for great things that is most effective; it is the doing of the little things, the common duties, a little better and better."

-- Elizabeth Stuart Phelps, Writer

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Strongly Pareto Optimal
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