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ABILITY-TO-PAY PRINCIPLE: A principle of taxation in which taxes are based on the income or resource-ownership ability of people to pay the tax. The income tax collected by our friends at the Internal Revenue Service is one of the most common taxes that seeks to abide by the ability-to-pay principle. In theory, the income tax system is set up such that people with greater incomes pay more taxes. Proportional and progressive taxes follow this ability-to-pay principle, while regressive taxes, such as sales taxes and Social Security taxes, don't.

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AVERAGE PRODUCT AND MARGINAL PRODUCT

A mathematical connection between average product and marginal product stating that the change in the average product depends on a comparison between the average product and marginal product. If marginal product is less than average product, then average product declines. If marginal product is greater than average product, then average product rises. If marginal product is equal to average product, then average product does not change.

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Today, you are likely to spend a great deal of time surfing the Internet seeking to buy either several magazines on time travel or 500 feet of telephone cable. Be on the lookout for crowded shopping malls.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
"Democracy is based on the conviction that man has the moral and intellectual capacity . . . to govern himself with reason and justice. "

-- Harry Truman, 33rd U.S. president

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