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LUXURY TAX: A tax on relatively expensive goods that are typically purchased primarily by the wealthy or affluent. A luxury tax is generally set up as an excise tax on the purchase price of a good over an specific amount. For example, a 10% tax on the purchase price of an automobile over $30,000 would be considered a luxury tax. Goods most likely subject to luxury taxies are (expensive) cars, jewelry, boats, planes, and furs. A luxury tax is, by design, a progressive tax that falls more heavily on those with more income. Like almost every tax, a luxury tax is controversial and debated, favored by those not paying and opposed by those paying.

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Lesson 18: Banking | Unit 5: The Economy Page: 22 of 24

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

Banks have two beneficial roles in the economy.

First: As financial intermediaries, banks match up savers and borrowers.

  • They are an effective means of diverting household income into investment expenditures for capital goods.
  • They are a vital link between the real and financial sides of the economy.

Second: As depository institutions, banks supervise a share of the nation's M1 money supply.

  • They have a big responsibility because money is critical to a complex, market-oriented economy.

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MEDIUM OF EXCHANGE

The money function in which money is widely accept in exchange for goods and services. For an asset to function as a medium of exchange it needs value in exchange, but not necessarily value in use. This is one of four basic functions of money. The other three are unit of account, store of value, and standard of deferred payment.

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Today, you are likely to spend a great deal of time touring the new suburban shopping complex wanting to buy either a solid oak entertainment center or a remote controlled ceiling fan. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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Three-forths of the gold mined each year is used to manufacture jewelry.
"No amount of business school training or work experience can teach what is ultimately a matter of personal character. "

-- Truett Cathy, Chick-fil-A Inc. founder

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