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PERSONAL INCOME AND NATIONAL INCOME: 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. 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, which may or may not be received by members of the household sector. 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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YELLOW CHIPPEROON
Your compete MICRO*scope for today
You are the type of person who has a mural of the floor plan of the local shopping mall painted on your bedroom mall. Family and friends pack a lunch, and a dinner, when they join you for a trip to the shopping mall. Today, you are likely to spend a great deal of time wandering around the downtown area looking to buy either a remote controlled train set or a genuine down-filled snow parka. Be on the lookout for deranged pelicans. You should consider shopping at stores or businesses beginning with the letter N, but do not buy any products with a serial number or product code containing the number 269395. Your preferred shopping venue is shopping malls. Your special symbol is the asterisk (*).
Is this You?
As a Yellow Chipperoon, you are happy, happy, happy. You enjoy everything about life and about shopping. You love shopping. You love buying. You love spending. You love to compare products and prices. You love the crowds. You love chatting with the store clerks. You love every bit of the buying process. Nothing dissuades you from having a good time shopping, whether you're buying a box of facial tissues or a new house. Does it get any better than spending an afternoon at the shopping mall? No way!
This isn't me! What am I?
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CURRENT ACCOUNT, BALANCE OF PAYMENTS A subset of the balance of payments accounts that tracks the flow of currency and other monetary assets in exchange for trade between one nation and other nations. It includes payments for imports and exports of both goods and services. It also includes monetary gifts or transfer payments to and from other nations. The current account is divided into three categories -- balance on merchandise trade, balance on services, and unilateral transfers. This is one of two primary subsets of the balance of payments. The other is the capital account. A deficit or surplus in the current account is matched by an opposite surplus deficit in the capital account.
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A Brief Introduction To Get You StartedThrough undaunted determination, sheer luck, or a missed turnpike exit, you have happened upon A Pedestrian's Guide to the Economy. You'll find hours of reading pleasure contained within this site, with more entertainment value per calorie than most office memos. A Pedestrian's Guide to the Economy, however, is more than a recreational web site. As a handy reference source, it provides answers to many of the most asked, a few of the least asked, and some of the never asked questions about the economy.
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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"There are no shortcuts to any place worth going. " -- Beverly Sills, Opera singer
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GMM
Generalized Method of Moments
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