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March 29, 2024 

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TAX EVASION: An illegal reduction in taxes. Tax evasion occurs when someone fails to pay their legal taxes. This is the sort of thing that leads to a prison sentence. Ethical considerations aside, it is also the sort of thing that's likely to happen if tax rates are high or unpopular.

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CHANGE IN BUSINESS INVENTORIES: The increase or decrease in the stocks of final goods, intermediate goods, raw materials, and other inputs that businesses keep on hand to use in production. This is one of two main categories of gross private domestic investment included in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. The other category is fixed investment. Change in business inventories is NOT what most people think of when the topic of business investment arises. Inventory changes are considered investment because firms need inventories to smooth the flow of production and sales just like they need factories and equipment to produce goods. In fact, inventories are frequently termed "working capital."

     See also | final good | intermediate good | raw materials | input | business | gross private domestic investment | National Income and Product Accounts | Bureau of Economic Analysis | fixed investment | production | business cycle | economic indicators |


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DIAMOND-WATER PARADOX

The apparently conflicting and perplexing observation that water, which is more useful than diamonds, has a lower price than diamonds. This paradox was proposed by economists in the 1800s as a means understanding the role utility plays in the demand price of a good by differentiating between total utility and marginal utility.

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Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either a remote controlled train set or a genuine down-filled snow parka. Be on the lookout for gnomes hiding in cypress trees.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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