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ABILITY-TO-PAY PRINCIPLE: A principle of taxation in which taxes are based on the income or resource-ownership ability of people to pay the tax. The income tax collected by our friends at the Internal Revenue Service is one of the most common taxes that seeks to abide by the ability-to-pay principle. In theory, the income tax system is set up such that people with greater incomes pay more taxes. Proportional and progressive taxes follow this ability-to-pay principle, while regressive taxes, such as sales taxes and Social Security taxes, don't.
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Lesson 17: Money | Unit 2: More About Money
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Page: 9 of 25
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There are four characteristics that let money do what money does. Four characteristics: - Durable: It helps to retain value from one exchange to the next and store value for future exchanges.
- Divisible: It lets us accurately match an amount of money to the precise value of a good.
- Transportable: It lets us to conduct exchanges far and wide, to go where we need to go for an exchange.
- Non-counterfeitable: It keeps the value of money from being diluted.
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MARGINAL ANALYSIS A basic technique used in economics that analyzes small, incremental changes in key variables. Marginal analysis is the primary analytical approached used in the study of markets, production, consumption, business cycles, and economic policies. It not only reflects how most economic decisions are made, it also lends itself to mathematical and graphical analysis.
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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BA
Bank Acceptance
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