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TAX BASE: An item or activity that is subject to taxation. The most common tax bases are income, consumption, and wealth. The personal income tax and Social Security tax are two common taxes levied on the income base. Sales taxes are the most common taxes levied on the consumption base. Property taxes are the most common taxes levied on the wealth base.

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Lesson 5: Market Demand | Unit 2: Law of Demand Page: 8 of 20

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  • The law of demand, which is a fundamental economic principle stating that demand price and quantity demanded are inversely related, ceteris paribus.
  • Ceteris paribus, a Latin term meaning that other things remain unchanged. It is used to control for factors other than price, that affect demand.
  • Why the law of demand works because of the income and substitution effects.
  • The income effect, which exists because price changes affect the purchasing power of buyers' given incomes.
  • The substitution effect, which exists because price changes make other goods relatively more or less expensive.


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DISMAL SCIENCE

A term for the study of economics developed during the late 18th and early 19th century when economists concluded that continued population growth would push wages and living standards to a minimal subsistence level and keep them there. It persists to the present time because economics continue to point out that actions result in opportunity cost, that nothing is free, and that eventually society has to pay the price for what it does.

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Today, you are likely to spend a great deal of time at a crowded estate auction looking to buy either a video game player or an AC adapter that won't fry your computer. Be on the lookout for high interest rates.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
"In war, there is no second prize for the runner-up."

-- Omar Bradley, US Army general

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Philiadelphia Stock Exchange
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