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INHERITANCE TAX: A tax on that portion of the Assets of a deceased person that's received by another. This should be compare with an estate tax, which is a tax is paid on the value of all assets before they are distributed to heirs.

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Lesson 12: Elasticity and Demand | Unit 5: Other Measures Page: 23 of 25

Topic: Income Elasticity Of Demand <=PAGE BACK | PAGE NEXT=>

  • How responsive is my demand to this change in my income? To answer these questions, we need the income elasticity of demand.

  • Income elasticity of demand is the relative response of demand to changes in income.
  • Or stated in percentage terms: the income elasticity of demand is the percentage change in demand resulting from a percentage change in buyers' income.

    • For a normal good, income elasticity is positive, meaning that an increase in income leads to an increase in demand.

    • For an inferior good, income elasticity is negative, meaning that an increase in income leads to a decrease in demand.

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GOVERNMENT SECTOR

The aggregate macroeconomic sector that includes all levels of government, including federal, state, and local. The primary function of the government sector, also termed the public sector, is to impose resource allocation decisions on the rest of the economy that might not be made otherwise. This is one of the four macroeconomic sectors. The other three are household sector, business sector, and foreign sector.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either a flower arrangement with a lot of roses for your grandmother or a wall poster commemorating the first day of winter. Be on the lookout for neighborhood pets, especially belligerent parrots.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
"Learn to enjoy every minute of your life. Be happy now. Don't wait for something outside of yourself to make you happy in the future. Think how really precious is the time you have to spend, whether it's at work or with your family. Every minuteshould be enjoyed and savored."

-- Earl Nightingale

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