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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 12: Elasticity and Demand | Unit 3: Measurement Page: 12 of 25

Topic: The Demand Curve <=PAGE BACK | PAGE NEXT=>

  • Elasticity is NOT constant along the demand curve.

  • In particular, the demand curve can be divided into the five elasticity alternatives:

    • Perfectly elastic: At the point of intersection between the demand curve and the vertical price axis, demand is perfectly elastic.

    • Relatively elastic: Over the "upper" half of the demand curve between midpoint and the vertical price axis, demand is relatively elastic.

    • Unit elastic: At the exact midpoint that divides the demand curve into two equal segments, demand is unit elastic.

    • Relatively elastic: Over the "lower" half of the demand curve between midpoint and the horizontal quantity axis, demand is relatively inelastic.

    • Perfectly inelastic: At the point of intersection between the demand curve and the horizontal quantity axis, demand is perfectly inelastic.

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BALANCE ON SERVICES

A subset of the balance of payments current account that records the difference between the payments received for exports of services to other nations and the payments made for the imports of services from other nations. The flow of payments is for intangible services, not for physical or tangible goods. The balance on services is thus appropriately divided into services exported and services imported. Two other subsets of the current account include the balance on merchandise trade and unilateral transfers. The commonly termed balance of trade is the sum of the balance on merchandise trade and the balance on services.

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either a coffee cup commemorating last Friday (you know why) or a wall poster commemorating the first day of spring. Be on the lookout for rusty deck screws.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
"I do not believe in a fate that will fall on us no matter what we do. I do believe in a fate that will fall on us if we do nothing. "

-- Ronald Reagan, 40th US president

IV
Instrumental Variables
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