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March 5, 2024 

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VALUE-ADDED TAX: A tax on the extra value added during each stage in the production of a good. Most of the stuff our economy produces goes through several "stages," usually with different businesses. In each stage, resources do their thing to the good to make it a little more valuable. For example, an ice cream store can take 50 cents worth of ice cream, fudge, and whipped topping and turn it into a hot fudge sundae that's valued at $1.50. The efforts of the ice cream resources thus add $1 in value. A value-added tax is based on this extra value. While it's been debated off and on in the United States, a value-added tax is commonly used in Europe.

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AD-AS ANALYSIS: An economic model relating the price level and real production that is used to analyze business cycles, gross domestic product, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The AS-AD model, inspired by the standard market model, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers).

     See also | economic | model | price level | real production | business cycles | gross domestic product | unemployment | inflation | stabilization policies | macroeconomics | phenomenon | aggregate demand | aggregate supply | aggregate market | income-price model | Keynesian economics | classical economics |


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ENDPOINT ELASTICITY FORMULA

A simple technique for calculating the coefficient of elasticity by estimating the elasticity for discrete changes in two variables using the initial values of each. The distinguishing characteristic of this formula is that percentage changes are calculated based on the initial values of each variable. An alternative technique is the midpoint elasticity formula.

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Today, you are likely to spend a great deal of time wandering around the downtown area looking to buy either any book written by Isaac Asimov or a how-to book on building remote controlled airplanes. Be on the lookout for celebrities who speak directly to you through your television.
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