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PERSONAL INCOME AND DISPOSABLE INCOME: Personal income (PI) is the total income received by the members of the domestic household sector, which may or may not be earned from productive activities during a given period of time, usually one year. Disposable income (DI) is the total income that can be used by the household sector for either consumption or saving during a given period of time, usually one year. Disposable income is after-tax income that is officially calculated as the difference between personal income and personal tax and nontax payments. In the numbers game, personal tax and nontax payments are about 15% of personal income, which makes disposable personal income about 85% of personal income.
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Lesson 7: Market Equilibrium | Unit 4: Adjustment
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Page: 16 of 22
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- How competitive markets tend to be self-correcting because nonequilibrium prices create shortages and surpluses that move the price back to the equilibrium level.
- How shortages, with quantity demanded greater then quantity supplied, are created for prices below the equilibrium level.
- 3. Why a shortage causes price to increase back to the equilibrium level.
- How surpluses, with quantity demanded less then quantity supplied, are created for prices above the equilibrium level.
- Why a surplus causes price to decrease back to the equilibrium level.
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RATIONAL ABSTENTION The decision NOT to do something (such as vote in an election) because the cost of taking the action is more than the expected benefit. The rational decision to refrain from an endeavor is a straightforward application of utility maximization and along with the related notion of rational ignorance, is a source of voter apathy and government inefficiency.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials wanting to buy either rechargeable batteries or a rechargeable battery for your computer. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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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 greatest barrier to success is the fear of failure." -- Sven Goran Eriksson, writer
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AGI
Adjusted Gross Income
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