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INHERITANCE TAX: A tax on that portion of the Assets of a deceased person that's received by another. This should be compare with an estate tax, which is a tax is paid on the value of all assets before they are distributed to heirs.
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Lesson 9: Macro Basics | Unit 3: Business Cycles
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Page: 8 of 16
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The macroeconomy is unstable. It has periods of falling production, rising inflation, and/or high unemployment. Business cycles are recurring expansions and contractions of the aggregate economy. - Expansion is a general period of increasing economic activity, or rising production, which is associated with low or falling unemployment and high or rising inflation.
- Contraction is a general period of decreasing economic activity, or falling production, which is associated with high or rising unemployment and low or falling inflation.
Counter-cyclical policies to stabilize the business cycle:- During an expansion, try to cause a contraction.
- During a contraction, try to cause an expansion.
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INEFFICIENT The state of resource allocation that exists when the highest level of consumer satisfaction is not achieved from available resources. This state occurs in market exchanges if the price buyers are willing and able to pay for a good does not reflect the satisfaction everyone obtains from the consuming the good or if the price sellers need to charge for a good does not reflect all opportunity cost of producing the good.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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"I've always believed that if you put in the work, the results will come. I don't do things half-heartedly. Because I know if I do, then I can expect half-hearted results. " -- Michael Jordan, basketball player
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FILO
First In Last Out
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