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HORIZONTAL EQUITY: A system of taxes that treats equal people equally. In other words, if you make the same income as someone else and pay the same personal income taxes, then you have horizontal equity.
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TOTAL VARIABLE COST AND TOTAL PRODUCT Because variable cost is largely associated with the cost of employing at least one variable input in the short run, the total variable cost curve can be derived from the total product curve. This admittedly simplistic connection between total product and total variable cost is designed to illustrate the fundamental role that the law of diminishing marginal returns plays in the slope and shape of the total variable cost curve. Because he slope of the total variable cost curve, which is also the slope of the total cost curve, is marginal cost, this analysis also indicates how the law of diminishing marginal returns relates to marginal cost.
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The average bank teller loses about $250 every year.
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"In war, there is no second prize for the runner-up." -- Omar Bradley, US Army general
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NEDC
National Economic Development Council
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