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PERSONAL INCOME AND NATIONAL INCOME: Personal income (PI) is the total income received by the members of the domestic household sector, which may or may not be earned from productive activities during a given period of time. National income (NI) is the total income earned by the citizens of the national economy resulting from their ownership of resources used in the production, which may or may not be received by members of the household sector. Personal income can be derived from national income by subtracting income earned but not received (IEBNR) and adding income received but not earned (IRBNE).

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FACTORS OF PRODUCTION

Labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Factors of production are also termed resources or scarce resources.

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APLS

GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time searching for rummage sales trying to buy either a set of luggage without wheels or a how-to book on wine tasting. Be on the lookout for telephone calls from former employers.
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The average bank teller loses about $250 every year.
"A genius is a talented person who does his homework."

-- Thomas Edison

LRAS
Long Run Aggregate Supply
A PEDestrian's Guide
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