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IEBNR: The abbreviation for income earned but not received. 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.
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FACTOR MARKET, EFFICIENCY A factor market achieves efficiency in the allocation of resources by equating marginal revenue product to factor price. Perfect competition, as the efficiency benchmark, is the only market structure to satisfy this criterion and achieve factor market efficiency. Monopsony, oligopsony, and monopsonistic competition are inefficient because they equate marginal revenue product to marginal factor cost, both of which are greater than factor price.
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GRAY SKITTERY
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Today, you are likely to spend a great deal of time at an auction hoping to buy either a flower arrangement in a coffee cup for your father or a how-to book on meeting people. Be on the lookout for celebrities who speak directly to you through your television.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"A professional is a man who can do his best at a time when he doesnžt particularly feel like it. " -- Alistair Cooke, broadcaster
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AER
American Economic Review
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