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GDI: The abbreviation for gross domestic income, which is the total market value of all final goods and services produced within the political boundaries of an economy during a given period of time, usually a year, as calculated using the income approach to measuring gross domestic product. Gross domestic income is virtually identical to gross domestic product (GDP), with one minor difference, the statistical discrepancy. As a matter of fact, the statistical discrepancy is identified as the difference between GDP and GDI.
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CONSUMPTION TAX: A tax on consumer's spending for goods, services and the other stuff they buy. One sort of consumption tax is the sales tax. Some politicians and balding, bespectacled economists argue that the current income tax system should be replaced with a consumption tax. This means any income that's saved wouldn't be taxed. The idea behind a consumption tax is to encourage saving, which is then used for investment, which then promotes economic growth. Such a tax would be easily implemented (you get a deduction for saving on the current income tax form), but it would tend to be a regressive tax hitting the poor harder than the wealthy. See also | consumption | tax | sales tax | income tax | saving | investment | economic growth | regressive tax |
Recommended Citation:CONSUMPTION TAX, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: April 25, 2024].
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AGGREGATE DEMAND AND MARKET DEMAND The aggregate demand curve, or AD curve, has similarities to, but differences from, the standard market demand curve. Both are negatively sloped. Both relate price and quantity. However, the market demand curve is negatively sloped because of the income and substitution effects and the aggregate demand curve is negatively sloped because of the real-balance, interest-rate, and net-export effects.
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Sixty percent of big-firm executives said the cover letter is as important or more important than the resume itself when you're looking for a new job
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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