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TARIFFS: Taxes that are usually on imports, but occasionally (very rarely) on exports. This is one form of trade barrier that's intended to restrict imports into a country. Unlike nontariff barriers and quotas which increase prices and thus revenue received by domestic producers, a tariff generates revenue for the government. Most pointy-headed economists who spend their waking hours pondering the plight of foreign trade contend that the best way to restrict trade, if that's what you want to do, is through a tariff.

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DATA: Real world observations that are used to test or verify hypotheses. This is the key to the process of acquiring knowledge about the world using the scientific method. While theoretical speculation might indicate what we "think" the world is like, we don't know for sure until we compare our hypothesized view with the real world itself. Data is what adds empirical to empirical economic analysis.

     See also | scientific method | verification | hypothesis | principle | empirical | economic analysis | variable | price | quantity | unemployment rate | money | gross domestic product | Federal Reserve System | Bureau of Labor Statistics | Bureau of Economic Analysis | National Income and Product Accounts |


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NORMAL GOOD

A good for which a change in income causes a comparable change in demand. That is, an increase in income causes an increase in demand and a decrease in income causes a decrease in demand. The income elasticity of demand for a normal good is positive. A normal good is one of two alternatives falling within the buyers' income demand determinant. The other is an inferior good.

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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either a looseleaf notebook binder or hand lotion, a big bottle of hand lotion. Be on the lookout for pencil sharpeners with an attitude.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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