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Today's Index
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287.9
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What color is the sky in your world?
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KEMP-ROTH ACT: Officially titled the Economic Recovery Tax Act of 1981, this was a cornerstone of economic policy under President Reagan. The three components of this act were: (1) a decrease in individual income taxes, phased in over three years, (2) a decrease in business taxes, primarily through changes in capital depreciation, and (3) the indexing of taxes to inflation, which was implemented in 1985. This act was intended to address the stagflation problems of high unemployment and high inflation that existed during that 1970s and to provide greater incentives for investment. A primary theoretical justification is found in the Laffer curve relation between tax rates and total tax collections.
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Lesson 3: Scarcity | Unit 2: Resources
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Page: 7 of 17
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Some times the differences between these four resource types are not clear cut.- What is the difference between entrepreneurship and labor? Do they have membership cards?
- What is the difference between labor and capital? Aren't people produced?
- What is the difference between land and capital? Is farmland natural or is it produced like capital?
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FINANCIAL MARKETS Markets that exchange financial instruments, or the legal claims to the ownership of physical assets. All four sectors--household, business, government, and foreign operate on both the demand and supply sides of financial markets. The household sector is generally a net buyer of legal claims as it saves a portion of income. The business and government sector tend to be net sellers as they borrow the funds used to pay for expenditures. The study of macroeconomics is concerned with how the flow of income through financial markets affects short-run business-cycle instability and long-run economic growth. The financial markets are one of three primary sets of macroeconomic markets. The other two are product markets and resource markets.
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State of the ECONOMY
U.S. Exports
June 2010
$150.5 billion
Down 1.3% from May 2010: Econ. Stat. Admin.
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"Nothing so conclusively proves a man's ability to lead others as what he does from day to day to lead himself." -- Thomas J. Watson, IBM founder
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VES
Variable Elasticity of Substitution
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