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December 7, 2019 

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ABILITY-TO-PAY PRINCIPLE: A principle of taxation in which taxes are based on the income or resource-ownership ability of people to pay the tax. The income tax collected by our friends at the Internal Revenue Service is one of the most common taxes that seeks to abide by the ability-to-pay principle. In theory, the income tax system is set up such that people with greater incomes pay more taxes. Proportional and progressive taxes follow this ability-to-pay principle, while regressive taxes, such as sales taxes and Social Security taxes, don't.

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PROPRIETORSHIP: One of the three basic forms of business organization (the other two corporation and partnership). It's a business that's owned and operated by one person. The owner and the business are legally considered one and the same. As such, the owner gets any and all profit and has what is termed unlimited liability the owner is held personally responsible for any and all of the business's debts. The owner can lose personal property over and above the amount invested in the business itself. The majority of businesses in our economy are proprietorships, but because their size is limited by the resources of a single person, they tend to be relatively small.

     See also | firm | business | corporation | partnership | limited liability | unlimited liability | small business |


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PROPRIETORSHIP, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: December 7, 2019].


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MARKET

The organized exchange of commodities (goods, services, or resources) between buyers and sellers within a specific geographic area and during a given period of time. Markets are the exchange between buyers who want a good (the demand-side of the market) and the sellers who have it (the supply-side of the market).

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Today, you are likely to spend a great deal of time strolling through a department store hoping to buy either a replacement nozzle for your shower or a decorative windchime with plastic . Be on the lookout for mail order catalogs with hidden messages.
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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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