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PERFECT COMPETITION: An ideal market structure characterized by a large number of small firms, identical products sold by all firms, freedom of entry into and exit out of the industry, and perfect knowledge of prices and technology. This is one of four basic market structures. The other three are monopoly, oligopoly, and monopolistic competition. Perfect competition is an idealized market structure that's not observed in the real world. While unrealistic, it does provide an excellent benchmark that can be used to analyze real world market structures. In particular, perfect competition efficiently allocates resources.
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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, 2000-2023. [Accessed: March 22, 2023].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: progressive tax
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PATERNALISM A fundamental philosophical viewpoint that the private sector (households and businesses) needs to be closely supervised by the public sector (government). In other words, members of society need to be watched over, cared for, and kept out of trouble, like parents watch over, care for, and keep their children out of trouble.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet wanting to buy either several magazines on home repairs or a remote controlled sports car with an air spoiler. Be on the lookout for slightly overweight pizza delivery guys.
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
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"Most of the things worth doing in the world had been declared impossible before they were done." -- Louis D. Brandeis, Supreme Court Justice
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DSE
Detroit Stock Exchange
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