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TAX PROPORTIONALITY: The proportion of income paid in taxes at different levels of income. In some taxes the proportion of income paid in taxes increases with income in other cases it decreases. And in still other cases, it remains the same. The three basic types of taxes are proportional taxes, progressive taxes, and regressive taxes. Because almost everyone would like to pay fewer taxes (and presumably have others pay more), tax proportionality is a the center of political controversy. Higher incomes prefer regressive taxes and lower incomes prefer regressive taxes.

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Lesson 14: Aggregate Supply | Unit 1: The Concept Page: 1 of 20

Topic: What It Is <=PAGE BACK | PAGE NEXT=>

In this lesson we will look at the other side of the aggregate market, the aggregate supply, to see how gross domestic product gets produced.

Society's scarce resources, with the opportunity cost of their alternative uses, must be combined to produce these goods and services.

A Definition:

  • Aggregate supply is the total, or aggregate, production of final goods and services available in the domestic economy at a range of price level, during a given time period (usually one year).
  • Similar to aggregate demand.
The goal of aggregate supply is to combine scarce resources to produce our economy's gross domestic product.
  • Four resource categories of aggregate supply:
    • Labor The people working.
    • Capital Tools and equipment.
    • Land Raw materials.
    • Entrepreneurship Those who assume the risk of production.
  • The goods and services produced are supplied to meet the demands of our households, business, government, and foreign sectors.
  • Gross production is the supply side of the aggregate market, the supply of real production, or real GDP.

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ALLOCATION

The process of distributing resources for the production of goods and services, and of distributing goods and services for the satisfaction of wants and needs and human consumption. This allocation process is an essential part of an economy's effort to address the problem of scarcity.

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RED AGGRESSERINE
[What's This?]

Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either an instructional DVD on learning to the play the oboe or a small, foam rubber football. Be on the lookout for slow moving vehicles with darkened windows.
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
"Whenever you fall, pick up something. "

-- Oswald Avery, scientist

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