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November 2, 2024 

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CAN: The Andean Community (CAN) is a subregional organization endowed with an international legal status, which is made up of Bolivia, Colombia, Ecuador, Peru and Venezuela. The main objectives of the Andean Community are to promote the balanced and harmonious development of the member countries under equitable conditions, to boost their growth through integration and economic and social cooperation and to enhance participation in the regional integration process with a view to the progressive formation of a Latin American common market. The Andean Community started operating on August 1, 1997 with a General Secretariat, whose headquarters are in Lima (Peru), as its executive body.

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CORPORATE PROFITS TAX: A tax on the accounting profits of corporations. This tax is only levied on corporations, and excludes businesses that are proprietorships or partnerships. This tax is often criticized (usually by members of the second estate because corporate dividends are taxed twice -- once as corporate profits, then a second time as income with the personal income tax.

     See also | tax | accounting profit | corporation | proprietorship | partnership | second estate | personal income tax | Internal Revenue Service | corporate profits | corporate profits distribution |


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LAW OF DIMINISHING MARGINAL RETURNS

A principle of short-run production stating that as a firm combines more of a variable input with a fixed input, the marginal product of the variable input eventually declines. This is THE economic principle underlying the analysis of short-run production for a firm. It offers an explanation for the law of supply and the positive slope of the market supply curve.

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Today, you are likely to spend a great deal of time driving to a factory outlet looking to buy either storage boxes for your income tax returns or an AC adapter for your CD player. Be on the lookout for the happiest person in the room.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
"Always vote for principle, though you may vote alone, and you may cherish the sweetest reflection that your vote is never lost. "

-- John Quincy Adams, 6th US president

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