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July 1, 2025 

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TAX AVOIDANCE: A legal reduction in taxes. The complexity of our system of taxes, especially income taxes, makes it extremely worthwhile to identify the mix of spending, working, and assorted activities that reduce taxes. This has also created a major industry of accountants, lawyers, educators, public speakers, and others who spend their efforts uncovering legal tax loopholes. In terms of the big efficiency picture, this is a waste of resources. Our lives would, in general, be better off if this tax avoidance industry devoted it's efforts to increasing gross domestic product rather than diverting it from one pocket to another. This, though, is not a fault of theirs, but of the tax system itself.

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TYING CONTRACT: A type of contract commonly used in the late 1800s and early 1900s in which the sale of one good by a producer was made conditional on the purchase of another good. This was commonly used by firms to extended the market control they had over a product in a monopolized market to another product in a more an otherwise competitive market. The use of tying contracts was specifically outlawed by the Clayton Act in 1914. However, modern firms continue to use tying contracts with varying degrees of success.

     See also | Clayton Act | monopoly | exclusive agreement | interlocking directorate | antitrust laws | Sherman Act | price discrimination |


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TYING CONTRACT, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 1, 2025].


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FACTORS OF PRODUCTION

Labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Factors of production are also termed resources or scarce resources.

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APLS

ORANGE REBELOON
[What's This?]

Today, you are likely to spend a great deal of time watching infomercials trying to buy either throw pillows for your bed or a package of blank rewritable CDs. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?

Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"Experience keeps a dear school, but fools will learn in no other. "

-- Benjamin Franklin

ECLA
Economic Commission for Latin America
A PEDestrian's Guide
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