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PAYROLL TAX: A tax levied on the wage earnings, or payroll, of workers. The most notable, if nothing else in terms of sheer dollar amount, is the Social Security tax.

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Lesson 11: Circular Flow | Unit 5: Real World Page: 19 of 22

Topic: Expenditures <=PAGE BACK | PAGE NEXT=>

Gross domestic product (GDP) is the sum of consumption, investment, government purchases, and net exports.

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POLITICAL ENTREPRENEURS

Election seeking politicians who undertake risks inherent in the allocation of resources made through government actions. Like business entrepreneurs, political entrepreneurs take risks and organize production. They organize production with government laws, regulations, and policies. They run the risk of failed policies and losing elections. Their utility-maximizing actions are also a prime source of government failure. Falling victim to the principal-agent problem, pursuit of their own satisfaction (winning elections) often conflicts with what is best for the rest of society.

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APLS

BLUE PLACIDOLA
[What's This?]

Today, you are likely to spend a great deal of time browsing about a thrift store seeking to buy either decorative celebrity figurines or a flower arrangement with anything but tulips for your grandfather. Be on the lookout for telephone calls from long-lost relatives.
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This isn't me! What am I?

Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
"Success doesn't come to you . . . you go to it "

-- Marva Collins, Educator

AOQ
Average Outgoing Quality
A PEDestrian's Guide
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