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TAX PROPORTIONALITY: The proportion of income paid in taxes at different levels of income. In some taxes the proportion of income paid in taxes increases with income in other cases it decreases. And in still other cases, it remains the same. The three basic types of taxes are proportional taxes, progressive taxes, and regressive taxes. Because almost everyone would like to pay fewer taxes (and presumably have others pay more), tax proportionality is a the center of political controversy. Higher incomes prefer regressive taxes and lower incomes prefer regressive taxes.
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AGGREGATE DEMAND DECREASE, SHORT-RUN AGGREGATE MARKET A shock to the short-run aggregate market caused by a decrease in aggregate demand, resulting in and illustrated by a leftward shift of the aggregate demand curve. A decrease in aggregate demand in the short-run aggregate market results in a decrease in the price level and a decrease in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time at an auction wanting to buy either galvanized steel storage shelves or a large green chalkboard shaped like the state of Maine. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"I think luck is the sense to recognize an opportunity and the ability to take advantage of it . The man who can smile at his breaks and grabs his chance gets on." -- Samuel Goldwyn, Film executive
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NBS
Nash Bargaining Solution
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