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July 7, 2025 

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ABILITY-TO-PAY PRINCIPLE: A principle of taxation in which taxes are based on the income or resource-ownership ability of people to pay the tax. The income tax collected by our friends at the Internal Revenue Service is one of the most common taxes that seeks to abide by the ability-to-pay principle. In theory, the income tax system is set up such that people with greater incomes pay more taxes. Proportional and progressive taxes follow this ability-to-pay principle, while regressive taxes, such as sales taxes and Social Security taxes, don't.

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CONTRIBUTIVE STANDARD: One of three basic income distribution standards (the other two are equality standard and needs standard). The contributive standard distributes income based on a person's contribution to production. This standard answers the For Whom? question of allocation primarily through the use of prices and markets. The resources used to produce goods that more highly valued society (meaning they better satisfy unlimited wants and needs) command higher prices and thus generate more income to their owners. An actor, for example, who can attract millions of adoring. $7-a-ticket fans to one performance of an action-packed, blockbuster movie produces a good that is more highly valued by society than a philosophy professor who spends all semester teaching a handful of reluctant, $100-a-credit-hour students the finer details of existentialism.

     See also | income distribution | income | distribution standards | needs standard | equality standard | three questions of allocation | efficiency | incentive | value | marginal productivity theory | For Whom? |


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CONTRIBUTIVE STANDARD, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 7, 2025].


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ELASTICITY AND SUPPLY INTERCEPT

The intersection of a straight-line supply curve with vertical price axis and/or horizontal quantity axis reveals the relative price elasticity of supply. Intersection with the horizontal quantity axis means inelastic and intersection with the vertical price axis means elastic. Intersection with the origin means unit elastic supply.

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Today, you are likely to spend a great deal of time browsing about a thrift store trying to buy either a box of multi-colored, plastic paper clips or several orange mixing bowls. Be on the lookout for the last item on a shelf.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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