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TAX: Any sort of forced or coerced payment to government. The primary reason government collects taxes is to get the revenue needed to finance public goods and pay administrative expenses. However, the more astute leaders of the first estate have recognized over the years that taxes have other effects, including--(1) redirecting resources from one good to another and (2) altering the total amount of production in the economy. As such, taxes have been used to correct market failures, equalize the income distribution, achieve efficiency, stabilize business cycles, and promote economic growth.
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EXHAUSTIBLE RESOURCE: A natural resource that cannot be increased by the natural forces of the environment. The quantities of exhaustible resources are effectively fixed and thus the more used today, the less is available for use in the future. It is possible, and even expected, that exhaustible resources will be exhausted at some time in the future. Common examples of exhaustible resources are the three fossil fuels -- petroleum, coal, and natural gas. The vast array of mineral resources -- iron, silver, gold, and copper -- represent other examples. See also | renewable resource | scarcity rent | Hotelling's Rule | switching point | natural resources | materials balance | recycling |
Recommended Citation:EXHAUSTIBLE RESOURCE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: December 9, 2019].
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COMPARATIVE STATICS The technique of comparing the equilibrium resulting from a change in a determinant, or shock to a model, with the equilibrium that existed prior to the change. Comparative statics is the primary analytical technique used in the study of economics.
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
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"If you don't make mistakes, you aren't really trying." -- Coleman Hawkings,musician
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IROR
Internal Rate of Return
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