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NATIONAL INCOME: The total income earned by the citizens of the national economy as a result of their ownership of resources used in the production of final goods and services during a given period of time, usually one year. This is the government's official measure of how much income is generated by the economy. National income, generally abbreviated as NI, is the broadest, most comprehensive of three income measures reported quarterly (every three months) in the National Income and Product Accounts by the Bureau of Economic Analysis.
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CREATIVE DESTRUCTION A fundamental process of capitalism, popularized by Joseph Schumpeter, in which the benefits of growth and prosperity induced by innovations also result in the costs of disrupting existing means of production. The creation of new activity involves the destruction of existing activity. This notion attributes business-cycle instability to innovations, including both the expansionary rise of prosperity, as well as a contractionary decline. Creative destruction is based on the idea that rather than tending toward equilibrium, the economy is largely in flux. A key question is one of cause and effect. Does innovation cause destruction or does destruction induce innovation?
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall looking to buy either a birthday gift for your aunt or a pair of leather sandals that won't cause blisters. Be on the lookout for high interest rates.
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This isn't me! What am I?
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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"He who has begun has half done. Dare to be wise ‚ begin! " -- Horace, poet, satirist
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FOT
Free on Truck
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