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REGRESSIVE TAX: A tax in which people with more income pay a smaller percentage in taxes. A regressive tax is given by this example--You earn $10,000 a year and your boss gets $20,000. You pay $2,000 in taxes (20 percent) while your boss also pays $2,000 in taxes (10 percent). Examples of regressive taxes abound (is this surprising given the political clout of the wealthy?), including sales tax, excise tax, and Social Security tax.

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Lesson 11: Circular Flow | Unit 1: Basic Flow Page: 2 of 22

Topic: Four Sectors <=PAGE BACK | PAGE NEXT=>

The four basic macroeconomics sectors:
  • Household sector: This includes everyone, all people, seeking to satisfy unlimited wants and needs. This sector is responsible for consumption.
  • Business sector: This includes those undertaking the task of combining resources to produce goods and services. This sector is responsible for the production.
  • Government sector: This includes the ruling bodies of the federal, state, and local governments. Regulation is the prime function, especially to pass laws, collect taxes, and force other economic sectors to do things that they wouldn't do voluntary.
  • Foreign sector: Includes everyone and everything beyond the boundaries of the domestic economy.

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SLOPE, CONSUMPTION LINE

The positive slope of the consumption line is also termed the marginal propensity to consume (MPC). This slope is greater than zero but less than one, reflecting induced consumption and the Keynesian psychological law of consumer behavior that consumption increases by less than the increase in income. The slope of the consumption line provides the foundation for the slope of the aggregate expenditures line and thus also affects the magnitude of the multiplier process.

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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius looking to buy either a T-shirt commemorating yesterday or a pair of handcrafted oven mitts. Be on the lookout for cardboard boxes.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
"Whatever course you decide upon, there is always someone to tell you that you are wrong. There are always difficulties arising which tempt you to believe that your critics are right. To map out a course of action and follow it to an end requires...courage."

-- Ralph Waldo Emerson

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