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TAX RATE: The percent of the tax base that is collected as tax. The tax rate can be a flat, or proportional, rate, meaning it is a constant percent of the tax base regardless of the size or value of the base. Or the tax rate can change as the tax base changes. If the tax rate increases, the tax is progressive. If the tax rate decreases, the tax is regressive.
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Lesson 3: Scarcity | Unit 3: Opportunity Cost
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Page: 10 of 17
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The pervasive problem of scarcity makes opportunity cost fundamental to life itself and to the study of economics.- Economists use the term economic cost to mean opportunity cost. They also just use the term cost.
- Cost is foregone alternative, not necessarily the amount of money paid. Money is a way to keep score. Money is a good way to measure opportunity cost, but not the only way.Two types of opportunity or economic costs:
- Explicit opportunity cost: Out-of-pocket or accounting cost that involves a money payment.
- Implicit opportunity cost: Cost that does not involve a money payment.
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PRODUCT A generic term for a tangible good or an intangible service that is the output or end result of the resource transformation process of a business firm. This notion of product usually surfaces in the context of analyzing the short-run production of a firm, often modified by the terms total, marginal, and average, as in total product, marginal product, and average product.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either a set of serrated steak knives, with durable plastic handles or a pair of blue silicon oven mitts. Be on the lookout for the last item on a shelf.
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More money is spent on gardening than on any other hobby.
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"If you worried about falling off the bike, you'd never get on. " -- Lance Armstrong, bicycle racer
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ASEAN
Association of South East Asian Nations
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