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SALES TAX: A tax on retail sales. This is major source of revenue for many state and local governments. Because poorer people tend to spend a larger share of their income on stuff covered by sales taxes, it tends to be a regressive tax. To reduce this regressiveness, some state and local governments excluded items like food and medicine.
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DERIVATION, PRODUCTION POSSIBILITIES CURVE: A production possibilities curve, which illustrates the alternative combinations of two goods that an economy can produce with given resources and technology, is often derived from a production possibilities schedule. This derivation involves plotting each bundle from the production possibilities schedule as a point in a diagram measuring the two goods on the vertical and horizontal axes. See also | production possibilities | production possibilities curve | production possibilities schedule | opportunity cost, production possibilities | full employment, production possibilities | unemployment, production possibilities | investment, production possibilities | law of increasing opportunity cost | three questions of allocation | graphical analysis | assumptions, production possibilities | technical efficiency | economic efficiency | opportunity cost | full employment | technology | efficiency | economic goals | economic analysis | seven economic rules | distribution standards | scarcity | factors of production | scientific method | economic thinking | fallacies | production cost | law of diminishing marginal returns | short-run production analysis |
Recommended Citation:DERIVATION, PRODUCTION POSSIBILITIES CURVE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2026. [Accessed: July 21, 2026].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: derivation, production possibilities curve
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GOVERNMENT PURCHASES LINE A graphical depiction of the relation between government purchases by the government sector and the economy's aggregate level of income or production. This relation plays a key role in the study of Keynesian economics. A government purchases line is characterized by vertical intercept, which indicates autonomous government purchases, and slope, which is the marginal propensity for government purchases and indicates induced government purchases. The aggregate expenditures line used in Keynesian economics is derived by adding or stacking the government purchases line onto the consumption line, as well as investment expenditures and net exports.
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Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a coffee cup commemorating the moon landing or a how-to book on surfing the Internet. Be on the lookout for gnomes hiding in cypress trees.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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"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.¾" -- Erma Bombeck, writer
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