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AD VALOREM TAX: A tax that is specified as a percentage of value. Sales, income, and property taxes are three of the more popular ad valorem taxes devised by government. The total ad valorem tax paid increases with the value of what's being taxed.

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Lesson 3: Scarcity | Unit 3: Opportunity Cost Page: 9 of 17

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With limited resources and unlimited wants and needs, a lot of opportunities are forgone, a lot of alternatives can't be pursued. This is the idea of opportunity cost.

A definition:

  • Opportunity cost is the highest valued alternative foregone in the pursuit of an activity.
Three points related to this definition:
  • Foregone Alternative: Opportunity cost means NOT doing something else, not producing another good. Using resources to satisfy one want or need means they can't be used to satisfy another.
  • Highest Valued: Opportunity cost is all about giving up the best alternative possible, the most satisfying. Any activity has many alternatives. Opportunity cost is not all of these alternatives, only the most preferred, the highest valued.
  • Pursuit of an Activity: Using resources to produce goods that are consumed to satisfy wants and needs. The key economic activities foregone are production and consumption.

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PLASTIC MONEY

A slang phrase for credit cards, especially when such cards used to make purchases. The "plastic" portion of this term refers to the plastic construction of credit cards, as opposed to paper and metal of currency. The "money" portion is an erroneous reference to credit cards as a form of money, which they are not. Although credit cards do facilitate transactions, because they are a liability rather than an asset, they are not money and not part of the economy's money supply.

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Today, you are likely to spend a great deal of time browsing about a thrift store hoping to buy either a toaster oven that has convection cooking or a birthday gift for your mother. Be on the lookout for pencil sharpeners with an attitude.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
"When I stand before God at the end of my life, I would hope that I would not have a single bit of talent left, and could say, I used everything you gave me."

-- Erma Bombeck, writer

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