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July 14, 2025 

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TARIFFS: Taxes that are usually on imports, but occasionally (very rarely) on exports. This is one form of trade barrier that's intended to restrict imports into a country. Unlike nontariff barriers and quotas which increase prices and thus revenue received by domestic producers, a tariff generates revenue for the government. Most pointy-headed economists who spend their waking hours pondering the plight of foreign trade contend that the best way to restrict trade, if that's what you want to do, is through a tariff.

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HIERARCHY OF NEEDS: Developed by Abraham Maslow, the notion that people are motivated to satisfy basic physiological needs (food, shelter, etc.) before moving on to satisfying higher psychological needs (security, companionship, etc.). These alternative needs are layered in a hierarchial pattern with physiological needs on the bottom, safety needs on the second layer, belonging needs on the third layer, esteem needs on the fourth layer, and self-actualization needs at the top. This hierarchy of needs has been used to help explain the progress of human societies from agrarian to manufacturing to service to information.

     See also | economic development | wants and needs | scarcity |


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ALLOCATION EFFECT

A change in the allocation of resources caused by placing taxes on economic activity. By creating disincentives to produce, consume, or exchange, taxes generally alter resource allocations. The allocation effect is typically used when governments seek to discourage the production, consumption, or exchange of particular goods or activities that are deemed undesirable (such as tobacco use or pollution). This is one of two effects of taxation. The other (primary) is the revenue effect, which is the generation of revenue used to finance government operations.

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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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