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INCOME EARNED BUT NOT RECEIVED: Abbreviate IEBNR, this is the income earned by factors of production, but not received by members of the household sector. 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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THREE-SECTOR KEYNESIAN MODEL A Keynesian model of the macroeconomy that includes the three domestic sectors, the household sector, the business sector, and the government sector. This Keynesian model variation adds the government sector (or public sector) to the household and business sectors that make up the two-sector model. This model enables an analysis of government stabilization policies, especially how fiscal policy changes in government purchases and taxes can be used to close recessionary gaps and inflationary gaps. Equilibrium is identified as the intersection between the C + I + G line and the 45-degree line. Two related models are the two-sector Keynesian model and the four-sector Keynesian model.
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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time at an auction looking to buy either a package of 4 by 6 index cards, the ones with lines or a 50 foot extension cord. Be on the lookout for broken fingernail clippers.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"Life is a promise; fulfill it. " -- Mother Teresa, humanitarian
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