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January 31, 2023 

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MARGINAL TAX RATE: A tax rate that is the percentage of an incremental change in the tax base paid in taxes. Comparable to any marginal, this is the change in total taxes collected or paid divided by the change in the total value of the tax base. For example, if a person has a $10,000 increase in earnings from $40,000 to $50,000 and income taxes increase by $2,000 from $3,000 to $5,000 in taxes, then the marginal income tax rate is 20 percent. The contrasting term is average tax rate.

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INTERMEDIATE GOOD: A good (or service) that is used as an input or component in the production of another good. Intermediate goods are combined into the production of finished products, or what are termed final goods. Intermediate goods will be further processed before sold as final goods. Because gross domestic product seeks to measure the market value of final goods, and because the value of intermediate goods are included in the value of final goods, market transactions that capture the value of intermediate goods are not included separately in gross domestic product. To do so would create the problem of double counting.

     See also | goods | services | final good | gross domestic product | market | double counting |


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INTERMEDIATE GOOD, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: January 31, 2023].


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INFLATIONARY GAP, KEYNESIAN MODEL

The difference between equilibrium aggregate production achieved in the Keynesian model and full-employment aggregate production that occurs when equilibrium aggregate production is greater than full-employment aggregate production. An inflationary gap, also termed an expansionary gap, is associated with a business-cycle expansion. The prescribed Keynesian remedy for an inflationary gap is contractionary fiscal policy. This is one of two alternative output gaps that can occur when equilibrium generates production that differs from full employment. The other is a recessionary gap.

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BLACK DISMALAPOD
[What's This?]

Today, you are likely to spend a great deal of time searching for a specialty store wanting to buy either a lazy Susan for you dining room table or a set of serrated steak knives, with durable plastic handles. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
"To understand a man, you must know his memories. The same is true of a nation."

-- Anthony Quayle, Actor

DCF
Discounted Cash Flow
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