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January 18, 2018 

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TAX AVOIDANCE: A legal reduction in taxes. The complexity of our system of taxes, especially income taxes, makes it extremely worthwhile to identify the mix of spending, working, and assorted activities that reduce taxes. This has also created a major industry of accountants, lawyers, educators, public speakers, and others who spend their efforts uncovering legal tax loopholes. In terms of the big efficiency picture, this is a waste of resources. Our lives would, in general, be better off if this tax avoidance industry devoted it's efforts to increasing gross domestic product rather than diverting it from one pocket to another. This, though, is not a fault of theirs, but of the tax system itself.

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Lesson 5: Demand | Unit 2: Law of Demand Page: 6 of 20

Topic: Income Effect <=PAGE BACK | PAGE NEXT=>

An important question is: Why does the law of demand work? Two reasons are income effect and substitution effect.

First, the income effect. This is the change in quantity demanded that results because a change in price gives a buyer more real income, even though money income remains unchanged.

  • The reason is that buyers have limited income.
  • Any change in price affects the purchasing power of buyers' limited income. A higher price means a given income can buy less and a lower price means a given income can buy more.

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PROPRIETORSHIP

A business organization that is owned and operated by one person. The owner and the business are legally considered one and the same. As such, the owner receives any and all profit and is responsible for any and all debts, what is termed unlimited liability. A proprietorship is one of the three basic forms of business organization. The other two are partnership and corporation. A large number of proprietorships exist in the economy, but they tend to be relatively small operations.

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Today, you are likely to spend a great deal of time flipping through the yellow pages wanting to buy either a half-dozen helium filled balloons or a packet of address labels large enough for addresses of both the sender and the recipient. Be on the lookout for rusty deck screws.
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
"Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover."

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