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SALES TAX: A tax on retail sales. This is major source of revenue for many state and local governments. Because poorer people tend to spend a larger share of their income on stuff covered by sales taxes, it tends to be a regressive tax. To reduce this regressiveness, some state and local governments excluded items like food and medicine.

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Lesson 1: Economic Basics | Unit 2: Doing Economics Page: 5 of 18

Topic: The Fields <=PAGE BACK | PAGE NEXT=>

The two biggest, broadest fields in economics are:
  • Macroeconomics is the study of the aggregate economy, the entire pie, the whole forest. Macroeconomics is interested in things like gross production, unemployment, inflation, and recession.
  • Microeconomics is the study of parts of the economy, the slices of the pie, the trees of the forest. Microeconomics is interested in topics like market prices, consumer behavior, production costs, and competition.

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AGGREGATE MARKET

An economic model relating the price level and real production that is used to analyze business cycles, gross production, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The aggregate market, inspired by the standard market model, but adapted to the macroeconomy, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers). Also known by the names AS-AD model or income-price model, the aggregate market is THE cornerstone model of macroeconomic analysis.

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APLS

RED AGGRESSERINE
[What's This?]

Today, you are likely to spend a great deal of time at a flea market trying to buy either a 200-foot blue garden hose or a video camera with stop action features. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?

Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

EGARCH
Exponential Generalized Autoregressive Conditional Heteroskedasticity
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