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IMPORTS: Goods and services produced by the foreign sector and purchased by the domestic economy. In other words, imports are goods purchased from other countries. The United States, for example, buys a lot of the stuff produced within the boundaries of other countries, including bananas, coffee, cars, chocolate, computers, and, well, a lot of other products. Imports, together with exports, are the essence of foreign trade--goods and services that are traded among the citizens of different nations. Imports and exports are frequently combined into a single term, net exports (exports minus imports).
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PERSONAL TAXES The common term for the portion of personal income used to pay personal tax and nontax payments. Personal tax and nontax payments is the official item in the National Income and Product Accounts maintained by the Bureau of Economics Analysis measuring the personal income taxes paid to the government sector on personal income received by the household sector. Personal tax and nontax payments are subtracted from personal income (PI) to calculate disposable income (DI). Personal tax and nontax payments are about 15 percent of personal income and about 13 percent of gross domestic product.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store hoping to buy either several magazines on time travel or 500 feet of telephone cable. Be on the lookout for pencil sharpeners with an attitude.
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This isn't me! What am I?
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"Whenever an individual or a business decides that success has been attained, progress stops. " -- Thomas Watson Jr., IBM executive
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JLE
Journal of Law and Economics
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