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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 8: Market Shocks | Unit 1: Adjustments Page: 1 of 20

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

In this lesson we use the market as a tool to understand our economic world, specifically, we see how markets move from one equilibrium to another.

One goal of this lesson:

  • Use the market model to examine the why and how of market shocks, adjustments to a new equilibrium.
Why do we do this?
  • Markets in the real world do not remain at the same equilibrium forever. Markets move. Prices and quantities change.
  • To understand real world changes, we need to analyze what happens to the market when a shock disrupt it.

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    ALTERNATIVE UNEMPLOYMENT RATES

    The official unemployment rate estimated and reported monthly by the Bureau of Labor Statistics (BLS) using data from Current Population Survey is one of six alternative measures of unemployment tracked and reported by the BLS, officially labeled sequentially U1 through U6. The "official" unemployment rate is U3. The other five measures seek to document different ways in which labor can be under utilized, including unemployment duration, job losers, discouraged workers, marginal workers, and part-time workers.

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    APLS

    ORANGE REBELOON
    [What's This?]

    Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either an AC adapter that works with your MPG player or rechargeable batteries. Be on the lookout for poorly written technical manuals.
    Your Complete Scope

    This isn't me! What am I?

    A half gallon milk jug holds about $50 in pennies.
    "Anyone who has never made a mistake has never tried anything new. "

    -- Albert Einstein, physicist

    PWAC
    Present Worth of Annual Costs
    A PEDestrian's Guide
    Xtra Credit
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