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ELASTICITY: The relative response of one variable to changes in another variable. The phrase "relative response" is best interpreted as the percentage change. For example, the price elasticity of demand, one of the more important applications of this concept in economics, is the percentage change in quantity demanded measured against the percentage change in price. Other notable economic elasticities are the price elasticity of supply, income elasticity of demand, and cross elasticity of demand.
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PROPRIETORS' INCOME: The excess of revenue over explicit production cost of owner-operated businesses. While proprietorships are the namesake and most important contributory to proprietors' income, many partnerships are also included. Because proprietors or partners of owner-operated businesses generally supply several factors of production--labor, capital, land, and entrepreneurship--without explicitly paying for each factor separately, the income received by the owners usually include wage, interest, rent, and profit payments. However, in most it's virtually impossible to identify what portion of the owners income is payment for each factor, so they are combined as proprietors' income. See also | wage | interest | rent | profit | factor payments | National Income and Product Accounts | Bureau of Economic Analysis | national income | compensation of employees | net interest | corporate profits | rental income of persons |
Recommended Citation:PROPRIETORS' INCOME, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: December 5, 2024].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: proprietors' income
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SLOPE, SAVING LINE The positive slope of the saving line is also termed the marginal propensity to save (MPS). This slope is greater than zero but less than one, reflecting induced saving and the Keynesian psychological law of consumer behavior that saving increases by less than the increase in income. The slope of the saving line provides the foundation for the slope of the leakages line used in the injections-leakages model. It thus also affects the magnitude of the multiplier process.
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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites wanting to buy either a really, really exciting, action-filled video game or a coffee cup commemorating the moon landing. Be on the lookout for rusty deck screws.
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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"Every man must decide whether he will walk in the light of creative altruism or in the darkness of destructive selfishness." -- Martin Luther King, Jr., clergyman
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AACP
American Assocation of Commercial Publications
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