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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.

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Lesson 7: Market Equilibrium | Unit 5: The Method Page: 21 of 22

Topic: Inefficiency <=PAGE BACK | PAGE NEXT=>

Inefficient use of resources can result from:
  • The fourth rule of competition-with less competition buyers or sellers control the price. The quantity is too little and the demand price is greater than the supply price.
  • The seventh rule of complexity-costs or benefits external to the market (externalities) cause differences between the value of goods produced and goods not produced, even though market demand and supply prices are equal.
  • The fifth rule of imperfection-markets are not perfect.
    • Scarcity implies the lack of competition.
    • Complexity implies externalities.
Efficiency is a goal, not a perpetual state of the world.

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STABLE EQUILIBRIUM

Equilibrium that is restored if disrupted by an external force. Most economic models have equilibrium that is stable, reflecting the observation that the real world adapts to changes and maintains a fair degree of stability. The alternative to a stable equilibrium is an unstable equilibrium.

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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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