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May 26, 2022 

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PERSONAL TAXES: The common term for the portion of personal income used to pay personal tax and nontax payments. Personal tax and nontax payments is the official item in the National Income and Product Accounts maintained by the Bureau of Economics Analysis measuring the 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 percent of personal income and about 13 percent of gross domestic product.

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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.

     See also | income | national income | personal income | corporate profits tax | undistributed corporate profits | gross domestic product | factors of production | household sector |


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INCOME EARNED BUT NOT RECEIVED, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: May 26, 2022].


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INFORMATION

The transfer of knowledge from one person to another. Information is a flow concept. It requires someone (or something) to do the sending and someone to do the receiving. Information is a valuable commodity that provides benefits, but also incurs an opportunity cost to produce, meaning information is never perfect or complete. The existence of asymmetric information (some have more information than others) gives rise to the problems of adverse selection, moral hazard, and the principal-agent problem.

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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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