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LAFFER CURVE: The graphical inverted-U relation between tax rates and total tax collections by government. Developed by economist Arthur Laffer, the Laffer curve formed a key theoretical foundation for supply-side economics of President Reagan during the 1980s. It is based on the notion that government collects zero revenue if the tax rate is 0% and if the tax rate is 100%. At a 100% tax rate no one has the incentive to work, produce, and earn income, so there is no income to tax. As such, the optimum tax rate, in which government revenue is maximized, lies somewhere between 0% and 100%. This generates a curve shaped like and inverted U, rising from zero to a peak, then falling back to zero. If the economy is operating to the right of the peak, then government revenue can be increased by decreasing the tax rate. This was used to justify supply-side economic policies during the Reagan Administration, especially the Economic Recovery Tax Act of 1981 (Kemp-Roth Act).

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Lesson 18: Banking | Unit 2: Banking Details Page: 8 of 24

Topic: Savings Banks <=PAGE BACK | PAGE NEXT=>

The last type of is a mutual savings bank.

Savings banks:

  • A cross between credit unions and savings and loans associations.
  • Nonprofit cooperatives that pool members' savings like credit unions, but their primary lending activity is mortgage loans, like savings and loans associations.
  • They also began issuing checking accounts in the 1970's.

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CURRENT SURPLUS OF GOVERNMENT ENTERPRISES

The excess of revenue over cost received by government-operated firms that sell their output through markets and otherwise operate like private, profit-oriented firms. This is one component of the official entry government subsidies less current surplus of government enterprises found in the National Income and Product Accounts maintained by the Bureau of Economic Analysis, that separates national income (the resource cost of production) and gross (and net) domestic product (the market value of production).

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Today, you are likely to spend a great deal of time going from convenience store to convenience store trying to buy either a genuine down-filled snow parka or throw pillows for your living room sofa. Be on the lookout for infected paper cuts.
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Lombard Street is London's equivalent of New York's Wall Street.
"The mediocre teacher tells. The good teacher explains. The superior teacher demonstrates. The great teacher inspires."

-- William Ward ‚ Texas Wesleyan University Administrator

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