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HORIZONTAL EQUITY: A system of taxes that treats equal people equally. In other words, if you make the same income as someone else and pay the same personal income taxes, then you have horizontal equity.

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Lesson 9: Consumer Demand | Unit 5: Taking Stock Page: 20 of 22

Topic: Two Laws <=PAGE BACK | PAGE NEXT=>

  • One point of interest on the horizon is the law of demand.
  • Recall that...
  • The law of demand states that an inverse relation exists between demand price and the quantity demanded, ceteris paribus.
  • The portion of this definition that is most important to the theory of consumer demand is the demand price.
  • Definitionally speaking,
  • Demand price is the maximum price that buyers would be willing and able to pay for a given quantity of a good.
  • The law of diminishing marginal utility is the guiding principle of consumer demand theory.
  • It captures the relation between marginal utility and quantity.

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FIAT MONEY

A medium of exchange (money) with value in exchange, but little or no value in use. Modern paper currency, coins, and checkable deposits are fiat money. The value of fiat money comes from the public's general willingness to accept it in exchange for other goods. This willingness comes from the fact that EVERYONE is willing to accept fiat money in exchange, which largely depends on the public's confidence in the authority (usually government) issuing the fiat money. Fiat money is NOT valuable unto itself, but it is valuable for what it can buy. In the march toward economic complexity, fiat money emerged from commodity money, money with both value in exchange and value in use.

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites seeking to buy either high-gloss photo paper that works with your printer or a desktop calendar with all federal and state holidays highlighted. Be on the lookout for deranged pelicans.
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

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