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ABSOLUTE POVERTY LEVEL: The amount of income a person or family needs to purchase an absolute amount of the basic necessities of life. These basic necessities are identified in terms of calories of food, BTUs of energy, square feet of living space, etc. The problem with the absolute poverty level is that there really are no absolutes when in comes to consuming goods. You can consume a given poverty level of calories eating relatively expensive steak, relatively inexpensive pasta, or garbage from a restaurant dumpster. The income needed to acquire each of these calorie "minimums" vary greatly. That's why some prefer a relative poverty level.
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Lesson 4: Production Possibilities | Unit 3: The Curve
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Page: 9 of 24
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We can transform the schedule of production possibility numbers into a graph.- Each bundle can be represented by a point in two dimensional production possibilities space.
- The two dimensions of the space are clock calibrators on the horizontal axis and jogging shoes on the vertical axis.
- The horizontal axis is measured between 0 and 11 calibrators.
- The vertical axis is measured between 0 and 500 jogging shoes.
- The two axis are joined at the origin.
- The plotted bundles form a semi-circle pattern.
- If these were stars in the night sky we might name it the arc of production. But it's not, so we won't.
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VERTICAL EQUITY A tax equity principle stating that people with a different ability to pay taxes should pay a different amount of taxes. This is one of two equity principles related to the ability-to-pay principle. The other is horizontal equity, which states that people with the same ability to pay taxes should pay the same amount of taxes.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store wanting 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 broken fingernail clippers.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"Intense concentration hour after hour can bring out resources in people they didn't know they had. " -- Edwin Land, inventor, entrepreneur
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MC
Marginal Cost
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