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March 2, 2024 

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IBT: The abbreviation for indirect business taxes, which is the official entry in the National Income and Product Accounts maintained by the Bureau of Economic Analysis for sales taxes. Indirect business taxes are one key difference between national income (the resource cost of production) and gross/net domestic product (the market value of production). For further discussion of this point, see gross domestic product and national income or net domestic product and national income. Indirect business taxes is generally less than 10% of gross domestic product (7-8% is common).

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CAVEAT VENDITOR: This is a latin term meaning "let the seller beware." It was developed as a counter to the buyer's warning, caveat emptor, and suggests that sellers too can be "taken to the cleaners" in a market transaction. While it's less important than caveat emptor to under appreciated consumers, it does surface from time to time.

     See also | demand | supply | market | price | market control | caveat emptor |


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AGGREGATE DEMAND SHIFTS

Changes in the aggregate demand determinants cause the aggregate demand curve to shift. The mechanism is comparable to that for market demand determinants and market demand. There are two alternatives--an increase in aggregate demand and a decrease in aggregate demand. An increase in spending by any of the four sectors--household, business, government, and foreign--shifts the aggregate demand curve to right. A decrease in spending by these four sectors shifts the aggregate demand curve to left.

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APLS

RED AGGRESSERINE
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Today, you are likely to spend a great deal of time looking for a downtown retail store looking to buy either storage boxes for your income tax returns or an AC adapter for your CD player. Be on the lookout for cardboard boxes.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
"Success is liking yourself, liking what you do, and liking how you do it."

-- Maya Angelou, Poet and Author

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Latin American Economic System
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