NATIONAL INCOME AND PERSONAL INCOME: National income (NI) is the total income earned by the citizens of the national economy resulting from their ownership of resources used in the production during a given period of time, usually one year. 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. Personal income can be derived from national income by subtracting income earned but not received (IEBNR) and adding income received but not earned (IRBNE).

     See also | income | national income | personal income | income earned but not received | income received but not earned | resources | production | disposable income | gross domestic product | net domestic product | National Income and Product Accounts | Bureau of Economic Analysis |

NATIONAL INCOME AND PERSONAL INCOME, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: May 28, 2022].

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A change in the allocation of resources caused by placing taxes on economic activity. By creating disincentives to produce, consume, or exchange, taxes generally alter resource allocations. The allocation effect is typically used when governments seek to discourage the production, consumption, or exchange of particular goods or activities that are deemed undesirable (such as tobacco use or pollution). This is one of two effects of taxation. The other (primary) is the revenue effect, which is the generation of revenue used to finance government operations.

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