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LAW OF DIMINISHING MARGINAL RETURNS: A principle stating that as more and more of a variable input is combined with a fixed input in short-run production, the marginal product of the variable input eventually declines. This is THE economic principle underlying the analysis of short-run production for a firm. Among a host of other things, it offers an explanation for the upward-sloping market supply curve. How does the law of diminishing marginal returns help us understand supply? The law of supply and the upward-sloping supply curve indicate that a firm needs to receive higher prices to produce and sell larger quantities. Why do they need higher prices?
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PROGRESSIVE TAX: A tax in which people with more income pay a larger percentage in taxes. A progressive tax is given by this example -- You earn $10,000 a year and your boss gets $20,000. You pay $1,000 in taxes (10 percent) and your boss pays $4,000 in taxes (20 percent). Our income tax system is designed to be progressive, but assorted loopholes and deductions keep it from being as progressive in practice as it is on paper. See also | tax | income | income tax | income | regressive tax | proportional tax |
Recommended Citation:PROGRESSIVE TAX, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: September 22, 2018].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: progressive tax
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EXPLICIT COST An opportunity cost that involves a monetary payment or some other form of compensation. The monetary payment is generally made to compensate the person who initially foregoes the satisfaction. This payment, in effect, transfers the burden of the opportunity cost from the original person to the one making payment. Explicit cost is also commonly termed out-of-pocket or accounting cost, and occasionally explicit opportunity cost.
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GRAY SKITTERY
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Today, you are likely to spend a great deal of time flipping through mail order catalogs trying to buy either a remote controlled World War I bi-plane or a wall poster commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for slightly overweight pizza delivery guys.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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"Always remember that striving and struggle precede success, even in the dictionary. " -- Sarah Ban Breathnach, writer
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Income, Nominal Gross National Product
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