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ECONOMIC RECOVERY TAX ACT: Unofficially called the Kemp-Roth, this was a cornerstone of economic policy under President Reagan passed in 1981. The three components of this act were: (1) a decrease in individual income taxes, phased in over three years, (2) a decrease in business taxes, primarily through changes in capital depreciation, and (3) the indexing of taxes to inflation, which was implemented in 1985. This act was intended to address the stagflation problems of high unemployment and high inflation that existed during that 1970s and to provide greater incentives for investment. A primary theoretical justification is found in the Laffer curve relation between tax rates and total tax collections.
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ECONOMIC SYSTEM: The assorted institutions that society uses to answer the three basic questions of allocation and address the fundamental problem of scarcity. Another, more popular term for economic system is economy. An economy, or economic system, is the structural framework in which households, businesses, and governments undertake the production and consumption decisions that allocate limited resources to satisfy unlimited wants and needs. See also | economy | three questions of allocation | institution | household sector | business sector | government sector | limited resources | unlimited wants and needs | ownership and control | resources | capitalism | private sector | public sector | private property | mixed economy | market-oriented economy | communism | socialism | pure market economy | pure command economy | first estate | second estate | third estate | fourth estate |
Recommended Citation:ECONOMIC SYSTEM, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: April 25, 2024].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: economic system
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SHARE DRAFT ACCOUNTS Interest-paying checking accounts maintained by credit unions. These function much like standard demand deposit checking accounts in that the funds can be withdrawn "on demand" by writing a check, but an interest is paid on the outstanding balance. Share draft accounts are one type of checkable deposits. Others are demand deposits (standard checking accounts), negotiable order of withdrawal (NOW) accounts, and automatic transfer service (ATS) accounts.
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BLACK DISMALAPOD
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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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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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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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SFA
Securities and Futures Authority (UK)
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