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INCOME RECEIVED BUT NOT EARNED: Abbreviate IRBNE, this is income received by the household sector, but not earned by a factor of production. The three types of income received but not earned are Social Security payments, unemployment compensation payments, and welfare payments. These are also the three key transfer payments from the government sector to the household sector. The basic goal of transfer payments is to transfer a portion of the income earned by the factors of production (because they HAVE income) to other members of the household sector (who presumably NEED more income than they have). IRBNE is added to national income to derive personal income.
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SHORTAGE A condition in the market in which the quantity demanded is greater than the quantity supplied at the existing price. Because buyers are unable to buy as much of the good as they want, a shortage generally causes an increase in the market price, which then acts to restore equilibrium. A shortage, which also goes by the terms excess demand and sellers' market, is one of two basic states of disequilibrium for the market. The other is surplus.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center trying to buy either a how-to book on wine tasting or a bookshelf that will fit in your closet. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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This isn't me! What am I?
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"Wherever you go, no matter what the weather, always bring your own sunshine." -- Anthony J. D'Angelo
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AAT
Association of Accounting Technicians
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