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ECONOMIC COMMISSION FOR LATIN AMERICA: The Economic Commission for Latin America (ECLA) -the Spanish acronym is CEPAL- was established in 1948. ECLAC, which is headquartered in Santiago, Chile, is one of the five regional commissions of the United Nations. It was founded for the purposes of contributing to the economic development of Latin America, coordinating actions directed towards this end, and reinforcing economic relationships among the countries and with the other nations of the world. The promotion of the region's social development was later included among its primary objectives. The 33 countries of Latin America and the Caribbean are member States of ECLAC, together with several North American and European nations that have historical, economic and cultural ties with the region.

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Lesson 12: Business Cycles | Unit 3: Measurement Page: 16 of 26

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  • The types of measurements used to indicate business cycle activity.
  • The use of leading economic indicators that reach turning points 3 to 12 months before business cycle turning points.
  • How coincident economic indicators track the actual business cycle turning points.
  • How lagging economic indicators, that reach turning points 3 to 12 months after official business cycle turning points, provide valuable information.

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ABILITY-TO-PAY PRINCIPLE

A taxation principle stating that taxes should be based on the ability to pay taxes. The ability-to-pay principle works from the proposition that those who have the greatest income should pay the most taxes. The ability-to-pay principle is the only reasonable way to finance the provision of public goods such as national defense, public health, and environmental quality. This is one of two taxation principles. The other is the benefit principle, which states taxes should be based on the benefits received.

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Today, you are likely to spend a great deal of time wandering around the downtown area wanting to buy either one of those memory foam pillows or a remote controlled train set. Be on the lookout for fairy dust that tastes like salt.
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Sixty percent of big-firm executives said the cover letter is as important or more important than the resume itself when you're looking for a new job
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