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TAX BASE: An item or activity that is subject to taxation. The most common tax bases are income, consumption, and wealth. The personal income tax and Social Security tax are two common taxes levied on the income base. Sales taxes are the most common taxes levied on the consumption base. Property taxes are the most common taxes levied on the wealth base.
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SPECIALIZATION: The condition in which resources are primarily devoted to specific tasks. This is one of THE most important and most fundamental notions in the study of economics. Civilized human beings have long recognized that limited resources can be more effectively used in the production the goods and services that satisfy unlimited wants and needs if those resources specialize. For example, three ice cream parlor workers, can be, in total, more productive if one runs the cash register, another scoops the ice cream, and a third adds the hot fudge topping. By devoting their energies to learning how to do their respective tasks really, really well, these three workers can produce more hot fudge sundaes than if each performed all required tasks. See also | resources | economics | limited resources | production | goods | services | unlimited wants and needs | comparative advantage | division of labor |
Recommended Citation:SPECIALIZATION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 15, 2025].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: specialization
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RESOURCE ALLOCATION The process of distributing resources for the production of goods and services which are then distributed for the satisfaction of wants and needs and human consumption. This is also commonly referred to by the single word "allocation." The resource allocation process is an essential part of an economy's effort to address the problem of scarcity
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club looking to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for infected paper cuts.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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"The time to repair the roof is when the sun is shining." -- John F. Kennedy, 35th U. S. president
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TFP
otal Factor Productivity
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