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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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Lesson Contents
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Unit 1: Intro |
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Unit 2: Market Control |
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Unit 3: Perfect Competition |
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Unit 4: Monopsony |
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Unit 5: Bilateral Monopoly | |
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Factor Market Equilibrium
My duties for this lesson are to examine how the two sides of the factor market -- factor demand and factor supply -- come together to form the factor market. Like other markets, we are concerned with equilibrium and competition. The analysis of factor markets has an added bonus. It lets us examine market control from the buying side to balance other analysis of market control from the selling side. The cornerstone phrase capturing this buying-side market control is monopsony. - The first unit of this lesson, The Foundation, begins by reviewing factor demand and factor supply and seeing how they come together to form the factor market.
- In the second unit, Market Control, we see how market control on the selling side of a factor market gives rise to assorted market structures, like monopsony.
- The third unit, Perfect Competition, then takes a look at equilibrium in factor markets that operate under the guidelines of perfect competition.
- In the fourth unit, Monopsony, we extend the analysis to factor markets with control on the buying side, especially monopsony.
- The fifth and final unit, Bilateral Monopoly, then analyzes factor markets with monopoly control on the selling side to counter monopsony control on the buying side.
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VALUE IN USE The satisfaction of wants and needs provided by the direct consumption of goods and services. Acquiring value from the use of goods and services is really the ultimate goal of economic activity. It is the final step in the production, allocation, and consumption activities that are undertaken to address the fundamental problem of scarcity. Value in use should be contrasted with the similar phrase, value in exchange.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction looking to buy either a pair of blue silicon oven mitts or a coffee cup commemorating the 2000 Olympics. Be on the lookout for broken fingernail clippers.
Your Complete Scope
This isn't me! What am I?
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Two and a half gallons of oil are needed to produce one automobile tire.
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"Every man must decide whether he will walk in the light of creative altruism or in the darkness of destructive selfishness." -- Martin Luther King, Jr., clergyman
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CLI
Cost of Living Index
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