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KEMP-ROTH ACT: Officially titled the Economic Recovery Tax Act of 1981, this was a cornerstone of economic policy under President Reagan. The three components of this act were: (1) a decrease in individual income taxes, phased in over three years, (2) a decrease in business taxes, primarily through changes in capital depreciation, and (3) the indexing of taxes to inflation, which was implemented in 1985. This act was intended to address the stagflation problems of high unemployment and high inflation that existed during that 1970s and to provide greater incentives for investment. A primary theoretical justification is found in the Laffer curve relation between tax rates and total tax collections.
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Lesson 13: The Firm | Unit 5: The Bigger Picture
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Page: 22 of 24
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Topic:
Market Structures
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Highlights of four market structures.- Perfect Competition
Perfect competition is a market with a large number or relatively small firms that sell virtually identical products and that have ease of movement into and out of the market. - Monopoly
Monopoly is a market with a single seller of a good with virtually no close substitutes. - Monopolistic Competition
Monopolistic competition is a market with a large number or relatively small firms that sell similar but not identical products and that have ease of movement into and out of the market. - Oligopoly
Oligopoly is a market with a small number or relatively large firms.
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ENTERPRISE An organization that combines scarce resources for the production and supply of goods and services. The term enterprise is generally used synonymously with other terms such as business, firm, and company. If a distinction exists, enterprise can be profit oriented, nonprofit, privately owned, or government controlled. Alternatively, the term enterprise might also be used more in reference to the production activity itself rather than the organization.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales trying to buy either a pair of blue silicon oven mitts or a coffee cup commemorating the 2000 Olympics. Be on the lookout for high interest rates.
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This isn't me! What am I?
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In the early 1900s around 300 automobile companies operated in the United States.
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"When I stand before God at the end of my life, I would hope that I would not have a single bit of talent left, and could say, „I used everything you gave me.¾" -- Erma Bombeck, writer
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BHC
Bank Holding Company
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