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TAX EVASION: An illegal reduction in taxes. Tax evasion occurs when someone fails to pay their legal taxes. This is the sort of thing that leads to a prison sentence. Ethical considerations aside, it is also the sort of thing that's likely to happen if tax rates are high or unpopular.
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Lesson 19: Money Creation | Unit 2: Fred Returns
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Page: 6 of 23
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Our honest and trustworthy Fred discovers paper currency. Fred's system: - Fred tracks gold deposits and withdrawals by issuing receipts for each deposit.
- Fred returns the gold in exchange for a receipt.Three features:
- First: The knight need not, and probably does not, withdraw the same gold deposited.
- Second: Fred need not personally know each knight requesting services.
- Third: Gold receipts are as good as gold, because people know the receipts can be redeemed for gold.Therefore:
- Gold receipts become money for the local economy.
- Fred has discovered paper currency, fiat money, and what is comparable to the checkable deposit function of modern banks.
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ARC ELASTICITY The average elasticity for discrete changes in two variables. The distinguishing characteristic of arc elasticity is that percentage changes are calculated based on the average of initial and ending values of each variable, rather than initial values. Arc elasticity is generally calculated using the midpoint elasticity formula. The contrast to arc elasticity is point elasticity. For infinitesimally small changes in two variables, arc elasticity is the same as point elasticity.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales hoping to buy either a coffee cup commemorating the moon landing or a how-to book on surfing the Internet. Be on the lookout for pencil sharpeners with an attitude.
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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"Far and away the best prize that life has to offer is the chance to work hard at work worth doing." -- Theodore Roosevelt, 26th US president
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APEC
Asia-Pacific Economic Co-operation
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