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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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Lesson 15: Aggregate Market | Unit 3: Doing Curves
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Page: 11 of 22
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Topic:
Long-Run Equilibrium
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Long-run equilibrium in the aggregate market can be seen by combining the aggregate demand and supply sides (curves) of the market into a graph.- Equilibrium in the long run aggregate market equilibrium is at the intersection of the two curves and at full-employment production.
- At the long-run equilibrium:
- The quantity of real production supplied is equal to the quantity of real production demanded.
- Both sides of the market are satisfied and not inclined to change the price level.
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AVERAGE PROPENSITY TO CONSUME The proportion of household income that is used for consumption expenditures. The average propensity to consume (abbreviated APC) is really nothing more than average consumption. Together with the average propensity to save, it indicates how a given level of income is divided between consumption and saving. A related consumption measure is the marginal propensity to consume.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"When you play, play hard; when you work, don't play at all. " -- Theodore Roosevelt, 26th US president
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WPI
Wholesale Price Index
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