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INDIVIDUAL RETIREMENT ACCOUNT: A savings retirement account set up with a bank, mutual fund, brokerage firm that allows people to set aside a portion of their income each year. Like other private pension plans, income diverted to an individual retirement account (or IRA) is tax deferred, that is, taxes on not paid on the income until it is withdrawn during retirement.
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Lesson 14: Production | Unit 2: Production Measures
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Page: 10 of 25
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In this unit, you should have learned about:- Total product as the total quantity of output produced for different amounts of variable input.
- How total product increases as the quantity of variable inputs are added, reaches a peak, and then declines.
- Average product as the output produced per unit of variable input.
- How average product increases for the first few units of variable inputs, reaches a peak, and then declines.
- Marginal product as the change in total product resulting from a change in variable input.
- How Marginal product increases for the first few units of variable inputs, reaches a peak, and then declines.
- The law of diminishing marginal returns as the guiding principle for short-run production.
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ABILITY-TO-PAY PRINCIPLE A taxation principle stating that taxes should be based on the ability to pay taxes. The ability-to-pay principle works from the proposition that those who have the greatest income should pay the most taxes. The ability-to-pay principle is the only reasonable way to finance the provision of public goods such as national defense, public health, and environmental quality. This is one of two taxation principles. The other is the benefit principle, which states taxes should be based on the benefits received.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a bookshelf that will fit in your closet or a birthday greeting card for your grandfather. Be on the lookout for mail order catalogs with hidden messages.
Your Complete Scope
This isn't me! What am I?
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Two and a half gallons of oil are needed to produce one automobile tire.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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AFC
Average Fixed Cost
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