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TAX INCIDENCE: The ultimate payment of a tax. Many taxes are initially paid by one person, but passed along through production and consumption activities until it finally reaches someone else. An obvious example is the sales tax. While officially paid by the retail store (they write the check to the government), it's tacked on to the prices paid by consumers. Consumers, thus, bear the lion's share of most sales taxes. The incidence of other taxes is not quite so obvious. Some taxes are paid by producers early in production such as severance taxes on oil extraction without the knowledge of consumers, who end up paying through higher prices. As a general rule taxes are passed through the system until they reach someone (usually consumers) who can pass it no further.
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COMMON MARKET: An agreement among two or more nations to eliminate trade restrictions with each other, to adopt a common trade policy with other nations, and to allow free movement of resources among their countries. There is, however, no effort to adopt common monetary or fiscal policies. This is considered the third of four levels of integration among nations. Customs union, economic union, and free-trade area are the other three levels. See also | foreign trade | foreign sector | monetary policy | fiscal policy | customs union | economic union | free-trade area | trading bloc |
Recommended Citation:COMMON MARKET, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: July 26, 2024].
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FEDERAL RESERVE BANKS A network of 37 government banking institutions that are part of the U.S. Federal Reserve System and are responsible for supervising, regulating, and interacting with commercial banks and carrying out the policies established by the Federal Reserve Board of Governors. Federal Reserve Banks are often termed bankers' banks in that they provide banking services to commercial banks. The 37 separate banks--12 District Banks and 25 Branch Banks--spread across the country are what help make the Federal Reserve System a decentralized central bank.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time flipping through the yellow pages seeking to buy either a coffee cup commemorating the first day of spring or a printer that works with your stockpile of ink cartridges. Be on the lookout for the happiest person in the room.
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The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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L
Total Liquid Assets
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