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IBT: The abbreviation for indirect business taxes, which is the official entry in the National Income and Product Accounts maintained by the Bureau of Economic Analysis for sales taxes. Indirect business taxes are one key difference between national income (the resource cost of production) and gross/net domestic product (the market value of production). For further discussion of this point, see gross domestic product and national income or net domestic product and national income. Indirect business taxes is generally less than 10% of gross domestic product (7-8% is common).
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DERIVATION, AGGREGATE EXPENDITURES LINE An aggregate expenditures line, a graphical depiction of the relation between aggregate expenditures and the level of aggregate income or production, can be derived by sequentially adding expenditures by the four macroeconomic sectors (household, business, government, and foreign). This derivation process begins with the consumption line, then adds investment, government purchases, and finally net exports. The process actually generates three alternative aggregate expenditures lines based on the number of sectors included (two sector, three sector, and four sector).
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at an auction hoping to buy either a pair of handcrafted oven mitts or a coffee table shaped like the state of Florida. Be on the lookout for neighborhood pets, especially belligerent parrots.
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This isn't me! What am I?
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"I don't know the key to success, but the key to failure is trying to please everybody. " -- Bill Cosby
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OLS
Ordinary Least Squares
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