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AD VALOREM TAX: A tax that is specified as a percentage of value. Sales, income, and property taxes are three of the more popular ad valorem taxes devised by government. The total ad valorem tax paid increases with the value of what's being taxed.

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Lesson 11: Circular Flow | Unit 3: Government Page: 13 of 22

Topic: Government Purchases <=PAGE BACK | PAGE NEXT=>

Government spending is divided into government purchases of GDP and transfer payments.
  • Transfer payments include welfare to the poor, unemployment compensation, and Social Security benefits.
  • Transfer payments are like negative taxes, but flow from the government sector to the household sector.
  • The circular tax flow is the net tax flow from households to government, taxes minus transfer payments.
  • Government purchases are the green flow from the government sector to the product markets.
  • As an expenditure on GDP, government purchases are comparable to consumption by the household sector and investment by the business sector.

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CHANGE IN PRIVATE INVENTORIES

The increase or decrease in the stocks of final goods, intermediate goods, raw materials, and other inputs that businesses keep on hand to use in production. Formerly termed change in business inventories, this is one of two main categories of gross private domestic investment included in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. The other category is fixed investment. Change in private inventories tend to be about 3 to 5 percent of gross private domestic investment.

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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either a birthday gift for your father that doesn't look like every other birthday gift for your father or a green fountain pen. Be on the lookout for vindictive digital clocks with revenge on their minds.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
"The greatest things ever done on Earth have been done little by little. "

-- William Jennings Bryan

BOP
Balance of Payments
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