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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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FACTOR PRICE: The price paid for and received by the services of factor of productions (labor, capital, land, and entrepreneurship) when exchange through factor markets. Like prices in other markets, factor price adjusts to balance the forces of demand and supply. For factor demand and the factor demand curve, the factor price is negatively related to the quantity of factor services demanded. For factor supply and the factor supply curve, factor price is positively related to the quantity of factor services supplied. The key factor prices are wage rates, interest rates, rents, and profits. The rigidity or inflexibility of factor prices is an important aspect of the macroeconomic study of the short-run aggregate market. See also | wage | interest | rent | profit | labor | capital | land | entrepreneurship | factor price | factor demand | factor supply | factor markets | factors of production | circular flow | business sector | household sector | national income |
Recommended Citation:FACTOR PRICE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2026. [Accessed: February 12, 2026].
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TAXATION PRINCIPLES Taxes are the mandatory payments made by members of society to governments to finance government operations. The study of public finance identifies several key principles of taxation -- tax effects (revenue and allocation), tax proportionality (proportional, progressive, and regressive), tax payments (benefit and ability-to-pay), tax equity (horizontal and vertical).
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either a large, stuffed kitty cat or a cross-cut paper shredder. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"Don't be distracted by criticism. Remember the only taste of success some people have is when they take a bite out of you." -- Zig Ziglar
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JEP
Journal of Economic Perspectives
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