Term
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Definition
INSECT
1)change in (I)ncome
2)change in (N)umber of consumers
3)change in price of (S)ubstitute
4)(E)xpectation of price shift
5)change in price of (C)omplement
6)change in (T)aste |
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Term
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Definition
| Unused workers and machines |
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Term
| Corporate profit after tax |
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Definition
1) Dividends
2) undistributed corporate retained earnings |
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Term
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Definition
Investments
Residential
Non-Residential |
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Term
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Definition
Net exports of goods and services
(Exports)-(Imports) |
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Term
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Definition
| Taxes imposed on factors of production |
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Term
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Definition
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Term
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Definition
| changes in government expenditures and taxes |
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Term
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Definition
Nathanial Garrett Smith CU
National Income
+Government Transfers/Interest Payments
-Social Security
-Corporate profits
-Undistributed corp. profits |
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Term
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Definition
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Term
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Definition
SORT
1)number of (S)uppliers
2)change in price of (O)ther goods
3)change in price of (R)esources
4)change in(T)echnology |
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Term
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Definition
| Federal Reserve changes money supply or interest rates |
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Term
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Definition
| When banks borrow from the central bank |
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Term
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Definition
I+C+G+Xn
(Investments) + (Consumption) + (Government Expenditures) + (Net Exports) |
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Term
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Definition
| levied taxes on commodities passed on to buyer/seller |
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Term
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Definition
1) pays dividends with profit
2) owned by shareholders and stockholders |
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Term
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Definition
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Term
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Definition
| inverse relationship between percent taxed and income |
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Term
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Definition
| decline in GDP for two or more quarters |
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Term
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Definition
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Term
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Definition
| weighted average of goods and services |
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Term
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Definition
| what could be produced at full employment |
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Term
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Definition
1) One owner
2) Liable for everything |
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Term
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Definition
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Term
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Definition
1) national defense
2) income tax |
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Term
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Definition
1) Agriculture
2) Manufacturing
3) Mining
1/4 of labor force |
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Term
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Definition
1) K-12 education
2) property tax |
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Term
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Definition
1) Higher Education
2) Sales tax |
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Term
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Definition
(Consumption)
1) Durable goods
2) Non-durable goods
3) Services |
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Term
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Definition
1) two or more owners
2) liable |
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Term
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Definition
| gap between potential GDP and actual GDP |
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Term
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Definition
| (Nominal Interest) - (Inflation)= |
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Term
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Definition
CELL
1)(C)apital
2)(E)nterprise
3)(L)and
4)(L)abor |
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Term
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Definition
| measure of output over a year |
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Term
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Definition
| measure of output over a year |
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Term
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Definition
(Government purchases of Goods and Services)
-State
-Federal |
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Term
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Definition
personal income-personal income tax=
PI-PIt= |
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Term
| services make up how much of the labor force |
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Definition
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Definition
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