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LOAN: In general, a transaction in which a legal claim is exchanged for money. The legal claim is typically a contract or promissory note stipulating when and how the money will be repaid. The lender gives up the money and receives the legal claim. The borrower gives up the legal claim and receives the money. A loan can be either an asset or a liability, depending on who does the borrowing and who does the lending. To the borrower, a loan is a liability, something that is owed. The borrower must pay off the loan or repurchase the legal claim. However, to the lender, a loan is an asset, something that is owned. In fact, loans represent a significant part of a bank's assets.
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CONSUMPTION TAX: A tax on consumer's spending for goods, services and the other stuff they buy. One sort of consumption tax is the sales tax. Some politicians and balding, bespectacled economists argue that the current income tax system should be replaced with a consumption tax. This means any income that's saved wouldn't be taxed. The idea behind a consumption tax is to encourage saving, which is then used for investment, which then promotes economic growth. Such a tax would be easily implemented (you get a deduction for saving on the current income tax form), but it would tend to be a regressive tax hitting the poor harder than the wealthy. See also | consumption | tax | sales tax | income tax | saving | investment | economic growth | regressive tax |
Recommended Citation:CONSUMPTION TAX, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: April 25, 2024].
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LONG-RUN TREND The pattern of potential real gross domestic product of an economy based on full employment of available resources. The long-run trend is commonly represented as a positively-sloped line in a diagram depicting business-cycle phases. This slope captures the economy's expansion in its production possibilities resulting from increases in the quantity and quality of resources.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites hoping to buy either a country wreathe or galvanized steel storage shelves. Be on the lookout for a thesaurus filled with typos.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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CEX
Consumer Expenditure Survey (US)
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