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INCOME TAX: A tax on income, including wages, rent, interest, profit, and (usually) transfer payments. The income tax system in the United States includes both a personal income tax and corporate income tax. In general, the U. S. income tax is progressive, but through a number of deductions and other loopholes, it's less so in practice that on paper.
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Lesson 2: Economic Science | Unit 2: Theory
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Page: 8 of 20
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- That the best scientific theory is one that offers a universal explanation of the real world.
- How scientific theories are comprised of verified principles and unverified axioms or beliefs that constitute a world view.
- That the world view of many theories is also intertwined with a political philosophy.
- The inherent need for abstraction in the development of scientific theories.
- Three common forms of abstraction--words, graphs, and equations.
- An introduction of three economic theories--markets, aggregate markets, and Keynesian economics.
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AGGREGATE SUPPLY INCREASE, SHORT-RUN AGGREGATE MARKET A shock to the short-run aggregate market caused by an increase in aggregate supply, resulting in and illustrated by a rightward shift of the short-run aggregate supply curve. An increase in aggregate supply in the short-run aggregate market results in a decrease in the price level and an increase in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet wanting to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for slightly overweight pizza delivery guys.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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"Do you want to be safe and good, or do you want to take a chance and be great?" -- Jimmy Johnson, Football Coach
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BNA
Bureau of National Affairs
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