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LIABILITY: Something that you owe. The biggest liabilities for most consumers are loans, including mortgages, car loans, credit-card balances, and installment accounts at stores.
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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 in the course of production. National income, generally abbreviated as NI, is the broadest, most comprehensive of three income measures reported in the National Income and Product Accounts by the Bureau of Economic Analysis. The other two are personal income (PI) and disposable income (DI). Two related measures of production are gross domestic product (GDP) and net domestic product (NDP).
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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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"Believe one who has tried it. " -- Virgil, Roman poet
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AFC
Average Fixed Cost
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