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ARBITRAGE: Buying something in one market then immediately (or as soon as possible) selling it in another market for (hopefully) a higher price. Arbitrage is a common practice in financial markets. For example, an aspiring financial tycoon might buy a million dollars worth of Japanese yen in the Tokyo foreign exchange market then resell it immediately in the New York foreign exchange market for more than a million dollars. Arbitrage of this sort does two things. First, it often makes arbitragers wealthy. Second, it reduces or eliminates price differences that exist between two markets for the same good.
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Lesson 7: Market Equilibrium | Unit 3: A Graph
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Page: 10 of 22
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Combining the demand and supply curves into a single graph gives us a market graph.- Price is measured on the vertical axis and quantity on the horizontal axis.
- The negative slope indicates the law of demand.
- The law of supply is indicated by the positive slope of this curve.
- We now have a market
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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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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at an auction wanting to buy either a coffee cup commemorating the 1960 Presidential election or a how-to book on fixing your computer, with illustrations. Be on the lookout for telephone calls from former employers.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"Plans are only good intentions unless they immediately degenerate into hard work." -- Peter Drucker, management consultant
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EC
European Community
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