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NATIONAL INCOME: The total income earned by the citizens of the national economy as a result of their ownership of resources used in the production of final goods and services during a given period of time, usually one year. This is the government's official measure of how much income is generated by the economy. National income, generally abbreviated as NI, is the broadest, most comprehensive of three income measures reported quarterly (every three months) in the National Income and Product Accounts by the Bureau of Economic Analysis.
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Lesson 9: Consumer Demand | Unit 1: Demand Theory
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Page: 2 of 22
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Topic:
Making Decisions
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- A decision: I am pondering a trip to the beach to spend my time wading in the water, playing volleyball, and soaking up the sun.
- But this seemingly simple decision involves a number of considerations:
How much time do I want to spend at the beach? An hour? Four hours? All day?Do I really want to go to the beach? Would I rather visit the amusement park instead? Maybe I could do both?How much will this cost? Do I have sufficient income to pay for admission? Do I have sufficient time?
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PRICE RATIONING The distribution or allocation of a limited commodity using markets and prices. Rationing is needed due to the scarcity problem. Because wants and needs are unlimited, but resources are limited, available commodities must be rationed out to competing uses. Markets ration commodities by limiting the purchase only to those buyers willing and able to pay the price.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for telephone calls from long-lost relatives.
Your Complete Scope
This isn't me! What am I?
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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ILO
International Labor Office
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