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TRADITIONAL BANK: The original type of commercial bank that handled customer deposits and made investment loans to businesses. Traditional banks, chartered at the national, state, or local levels, were the only entities legally able to issue checking accounts prior to the 1980s. While still dominant in the banking industry, traditional banks are joined by savings and loan associations, credit unions, and mutual savings banks.

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RENT SEEKING: The inclination of everyone who is alive and breathing to get as much as they can for themselves. These stems from the idea of economic rent, which is a payment over above the opportunity cost. People are said to be rent seeking when they try to get higher wages, more profit, or any other payment over above the minimum they would be willing to accept.

     See also | opportunity cost | wage | profit | special interest group | public choice | consumer surplus | producer surplus |


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RENT SEEKING, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: March 29, 2024].


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AD VALOREM TAX

A tax specified as a percentage of the price or value of a good, service, asset, or other activity. Ad valorem taxes tend to be broad based, imposed on activities such as income and retail sales. In fact, the two most important ad valorem taxes are income taxes and sales taxes. People pay a percentage of their incomes in income taxes or a percentage or the value of their purchases in sales taxes, regardless of the amount of time spent working or the quantities of goods purchases. An alternative is a per unit tax, with is a tax specified as a percentage of the physical quantity of a good.

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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors seeking to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for slow moving vehicles with darkened windows.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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