In the business world, economic indicators are measures associated with BUSINESS CYCLES. Business indicators are statistical measures used by individual firms or industry groups to measure and predict changes in business activity. There are three categories of indicators: leading, coincident, and lagging.

The Index of Consumer Expectations is a measure of how consumers view prospects for their financial situation and the general economy over the near term and long term. The index is part of the University of Michigan’s monthly Surveys of Consumers.

Independent contractors are individuals or companies that provide SERVICES for consumers, businesses, or govern- ment. Most professionals are independent contractors, who are best defined by what they are not: employees. Independent contractors typically are paid by the task, while employees are paid by the hour.

Incorporation is the process of creating a CORPORATION. The rules on incorporating vary somewhat from state to state, with Delaware often perceived to be the most desirable state in which to incorporate because its fees tend to be low. The “articles of incorporation” typically create the company name, designate its corporate officers, identify its headquarters, indicate the amount of CAPITAL involved, and establish BYLAWS (rules of CORPORATE GOVERNANCE).

An income statement measures a firm’s profitability (or lack thereof) for a period of time known as the accounting period, which can be monthly, quarterly, yearly, or any other length of time.

Income redistribution is government action to transfer money and/or goods and SERVICES from some groups in a society to others. Income redistribution involves the transfer of money payments or goods and services with no requirement or expectation of exchange of RESOURCES or services by the recipients.

Income elasticity of demand is the responsiveness of DEMAND for a good or service to changes in INCOME. As consumer income rises, the demand for most goods and SERVICES will increase. For example, the demand for new cars and homes is quite sensitive to changes in income.

The Income has many definitions, depending on the context in which it is used. Definitions of income can be separated into four categories: income related to personal taxes, business INCOME STATEMENTs; aggregate income in an economy; and money versus REAL INCOME.

Imports are the goods produced in another country (foreign goods) that are brought into a home country (e.g., the United States) for sale. Exports are the goods produced by the home country (domestic goods) that are shipped to another country for sale. Thus one country’s exports are another country’s imports. Balance of trade occurs when a country’s imports equal its exports.

The United States, like many countries, uses a variety of methods to restrain imports into the country, including tariffs, quotas, tariff-rate quotas, and nontariff barriers.