Tuesday  August 6, 2024
 AmosWEB means Economics with a Touch of Whimsy!
 ALLOCATION EFFECT: The goal of imposing taxes to change the allocation of resources, that is, to discourage the production, consumption, or exchange or one type of good usually in favor of another. This is one of two reasons that governments impose taxes. The other reason is the revenue effect. Because people would rather not pay taxes, taxes create disincentives to produce, consume, and exchange. If society deems that less of a particular good, such as alcohol, pollution, or cigarettes are "bad," then a tax can reduce its production and consumption, and thus change the allocation of resources.
 Most Viewed (Number) production stages (106)limited resources (48)foreign sector (39)total variable cost curve (37)marginal factor cost (33) Visit the WEB*pedia

LORENZ CURVE: In general, a diagram illustrating the degree of inequality and concentration for a group. This is accomplished by plotting the cumulative percentage of a total amount obtained by cumulative percentages of the group. A common use of the Lorenz curve is the distribution of income, in which the cumulative percentage of income is measured on the vertical axis and the cumulative percentage of the population is measured on the horizontal axis. Perfect equality is indicated by a 45-degree line (that is, 10% of the population has 10% of the income, 20% of the population has 20% of the income, etc.). The actual Lorenz curve inevitably lies below the 45-degree line. The extent that the Lorenz curve differs from the 45-degree line indicates the extent of inequality.

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LORENZ CURVE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: August 6, 2024].

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PHYSICAL FLOW

In the circular flow model, the transfer of goods and services from the business sector to the household sector and the transfer of resource services from the household sector to the business sector. The physical flow is usually illustrated as a counter-clockwise flow for a model with the product markets at the top, resource markets at the bottom, household sector at the left, and business sector at the left. The payment flow moves in the opposite direction.

 BLACK DISMALAPOD[What's This?] Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway trying to buy either a coffee cup commemorating the moon landing or a how-to book on surfing the Internet. Be on the lookout for the last item on a shelf.Your Complete Scope
 The average bank teller loses about \$250 every year.
 "My future starts when I wake up every morning . . . Every day I find something creative to do with my life. "-- Miles Davis, musician
 QMLQuasi-Maximum Likelihood
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