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HORIZONTAL EQUITY: A system of taxes that treats equal people equally. In other words, if you make the same income as someone else and pay the same personal income taxes, then you have horizontal equity.

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NORMAL GOOD: A good for which an increase in income causes an increase in demand, or a rightward shift in the demand curve. If demand increases as income increases, it is a normal good or a good with a positive income elasticity of demand. A normal good is one of two alternatives falling within the income determinant of demand. The other is an inferior good.

     See also | demand | demand determinants | demand curve | income | income, demand determinant | inferior good | income elasticity of demand |


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NORMAL GOOD, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: May 25, 2019].


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AGGREGATE SUPPLY INCREASE, LONG-RUN AGGREGATE MARKET

A shock to the long-run aggregate market caused by an increase in aggregate supply, resulting in and illustrated by a rightward shift of the long-run aggregate supply curve. An increase in aggregate supply in the long-run aggregate market results in a decrease in the price level and an increase in real production. The level of real production resulting from the shock is a greater level of full-employment real production.

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Today, you are likely to spend a great deal of time wandering around the shopping mall looking to buy either a pair of designer sunglasses or looseleaf notebook paper. Be on the lookout for jovial bank tellers.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
"There's a very positive relationship between people's ability to accomplish any task and the time they're willing to spend on it."

-- Dr. Joyce Brothers

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