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INCOME EARNED BUT NOT RECEIVED: Abbreviate IEBNR, this is the income earned by factors of production, but not received by members of the household sector. The three types of income earned but not received by the factors of production are Social Security taxes, corporate profits taxes, and undistributed corporate profits. In each case a factor of production has rightfully "earned" the income by contributing to valuable production contained in gross domestic product. However, because this income is not paid to the factor and it is not income received by the household sector. IEBNR is subtracted from national income to calculate personal income.
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Lesson 23: Factor Market Equilibrium | Unit 2: Market Control
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Page: 8 of 24
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- Here's a list of resource market structures that have buying-side market control:
- Perfect competition: This has exactly the same name as the selling-side market structure because perfect competition is really based on large numbers of both buyers and sellers exchanging an identical production.
- Monopsonistic competition: This is the buying-side equivalent of monopolistic competition.
- Oligopsony: is a market structure with a small number of relatively large firms dominating the market for a factor.
- Monopsony: is a market structure with a single firm buying all output.
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EQUILIBRIUM A state that exists when opposing forces are in balance, with each force exactly offsetting the other, such that there is no inherent tendency for change. Once achieved, an equilibrium persists unless or until it is disrupted by an outside force. The notion of equilibrium is an essential feature in most economic models, such as the market model.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs hoping to buy either a T-shirt commemorating the first day of spring or a coffee cup commemorating last Friday (you know why). Be on the lookout for a thesaurus filled with typos.
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This isn't me! What am I?
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"The past cannot be changed. The future is yet in your power. " -- Hugh White, U.S. Senator
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BOA
Basic Ordering Agreement
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