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NATIONAL INCOME AND PERSONAL INCOME: 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 during a given period of time, usually one year. 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. 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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PERFECT COMPETITION, LONG-RUN ADJUSTMENT

A perfectly competitive industry undertakes a two-part adjustment to equilibrium in the long run. One is the adjustment of each perfectly competitive firm to the appropriate factory size that maximizes long-run profit. The other is the entry of firms into the industry or exit of firms out of the industry, to eliminate economic profit or economic loss. The end result of this long-run adjustment is a multi-faceted equilibrium condition that price is equal to marginal cost and average cost (both short run and long run).

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Today, you are likely to spend a great deal of time flipping through the yellow pages looking to buy either a handcrafted bird house or a weathervane with a chicken on top. Be on the lookout for high interest rates.
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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.
"The only thing that will stop you from fulfilling your dreams is you. "

-- Tom Bradley, former Los Angeles mayor

OPEC
Organization of Petroleum Exporting Countries
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