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LEGAL CLAIMS: Ownership of the physical goods, services, and resources that make up the real side of the economy. Legal claims are a key feature of the paper, or financial side of the economy. Transferring legal claims is the primary method of diverting income from household saving to investment and government borrowing. Legal-claim buyers loan income and legal-claim sellers borrower income.

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Lesson 14: Production | Unit 1: Short-Run Production Page: 3 of 25

Topic: Two Runs: Short And Long <=PAGE BACK | PAGE NEXT=>

  • The two key time production periods.

  • The short run is a production time period in which at least one input is variable and at least one input is fixed.
  • The key is that firms produce and supply output on a day-to-day basis by adding variable inputs to fixed inputs.

  • The long run is a production time period in which all inputs are variable.
  • The long run is a period long enough to alter the quantities of ALL inputs, especially changing the amount of capital or the size of a factory.

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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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APLS

BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either a decorative windchime with plastic or a flower arrangement for that special day for your mother. Be on the lookout for telephone calls from former employers.
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This isn't me! What am I?

More money is spent on gardening than on any other hobby.
"All things are difficult before they are easy."

-- Thomas Fuller, Physician

TGE
Tokyo Grain Exchange (Japan)
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