Economics Chp. 13 (2)

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Author:
hey_itsdarra
ID:
247594
Filename:
Economics Chp. 13 (2)
Updated:
2013-11-18 13:30:00
Tags:
OHS Economics
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2nd 9 weeks
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  1. Note Domestic Product (NDP)
    GDP minus depreciation (wear and tear on durable or capital goods and cost to replace)
  2. National Income (NI)
    Total income of everyone in the country. (Individuals and businesses for one year)
  3. Personal Income (PI)
    Money earned by individuals before personal taxes are paid (gross income)
  4. Transfer Payments
    • Money paid by the government for entitlements¬†
    • (transferred from national income (taxable))
  5. Entitlements
    Social security, welfare, medicare, Medicaid, food stamps, Aid to Dependent Children (DCS), farm subsidies, unemployment insurance
  6. Disposable personal income (DPI)
    Personal income minus taxes (disposable)
  7. Inflation
    Prolonged rise in the price of goods and services
  8. Deflation
    Prolonged decline in the price of goods and services

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