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ABILITY-TO-PAY PRINCIPLE: A principle of taxation in which taxes are based on the income or resource-ownership ability of people to pay the tax. The income tax collected by our friends at the Internal Revenue Service is one of the most common taxes that seeks to abide by the ability-to-pay principle. In theory, the income tax system is set up such that people with greater incomes pay more taxes. Proportional and progressive taxes follow this ability-to-pay principle, while regressive taxes, such as sales taxes and Social Security taxes, don't.

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Lesson 5: Market Demand | Unit 5: Scarcity Page: 19 of 20

Topic: Unlimited Wants <=PAGE BACK | PAGE NEXT=>

Demand is closely related to the scarcity problem, especially unlimited wants and needs.
  • Scarcity arises because society has limited resources but unlimited wants and needs.
  • The connection between demand and scarcity is:
    • The demand side of the markets comes directly from the unlimited wants and needs side of the scarcity problem, and
    • The supply side of the market comes from the limited resources side of the scarcity problem.

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PERFECT COMPETITION, FACTOR MARKET ANALYSIS

The analysis of a factor market characterized by perfect competition indicates that each buyer maximizes profit by equating marginal revenue product to the factor price. This achieves an efficient allocation of resources and provides a benchmark for analyzing other factor market structures, including monopsony, monopoly, and bilateral monopoly.

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APLS

BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time browsing through a long list of dot com websites wanting to buy either a how-to book on home repairs or a large, stuffed kitty cat. Be on the lookout for broken fingernail clippers.
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This isn't me! What am I?

A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
"Recipe for success. Study while others are sleeping; work while others are loafing, prepare while others are playing, and dream while others are wishing."

-- William A. Ward

CBI
Confederation of British Industry
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