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ALLOCATION EFFECT: The goal of imposing taxes to change the allocation of resources, that is, to discourage the production, consumption, or exchange or one type of good usually in favor of another. This is one of two reasons that governments impose taxes. The other reason is the revenue effect. Because people would rather not pay taxes, taxes create disincentives to produce, consume, and exchange. If society deems that less of a particular good, such as alcohol, pollution, or cigarettes are "bad," then a tax can reduce its production and consumption, and thus change the allocation of resources.
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ECONOMIC GROWTH, SOURCES Economic growth, the process of increasing the economy's ability to produce goods and services, can be achieved by increasing the quantity or quality of resources. The quantity option can include increases in the quantities of labor, capital, land, or entrepreneurship. The quality option primarily includes improvements in technology and human capital.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store looking to buy either a how-to book on home repairs or a large, stuffed kitty cat. Be on the lookout for gnomes hiding in cypress trees.
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This isn't me! What am I?
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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"I do the best I know how, the very best I can, and I mean to keep doing so until the end. " -- Abraham Lincoln, 16th US president
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SCF
Survey of Consumer Finances
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