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SOCIAL SECURITY TAX: A tax on wage earnings that's used to fund the Social Security system. In principle, the Social Security tax is divided equally between employer and employee--your share is listed under the FICA heading of your paycheck. In practice, however, employees really end up paying both employee and employer contributes. The reason is that employers need to consider the entire cost of hiring an employee, including wages, fringe benefits, and assorted taxes. The more they pay in these nonwage items, like Social Security taxes, the less they pay in wages. In that the Social security tax is only on earnings, and excludes profit, interest, and rent, it tends to be a regressive tax.
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Lesson 9: Consumer Demand | Unit 4: The Curves
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Page: 18 of 22
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- A method of graphing the marginal utility curve is to derive it directly from the total utility curve.
- This method is based on an interesting and useful relation between totals and marginals that surfaces time and time again in the study of economics, what we can term the total-marginal relation.
- The total-marginal relation is that the marginal value of a variable is equal to the slope of the curve for the corresponding total value of a variable.
- For our immediate discussion of marginal utility, this means that marginal utility is the slope of the total utility curve.
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LIQUIDITY The ease with which an asset can be converted to money with little or no loss of value. Money, currency and checkable deposits, is the benchmark for liquidity. Money is what other assets are converted to. Different assets have differing degrees of liquidity. Financial assets have differing degrees of liquidity but tend to be more liquid that physical assets. Liquidity is important to components of the three monetary aggregates tracked and reported by the Federal Reserve System--M1, M2, and M3.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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"The roots of education are bitter, but the fruit is sweet." -- Aristotle
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NAFTA
North America Free Trade Agreement
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