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INCREASING-COST INDUSTRY: A perfectly competitive industry with a positively-sloped long-run industry supply curve that results because expansion of the industry causes higher production cost and resource prices. For an increasing-cost industry the entry of new firms, prompted by an increase in demand, causes the long-run average supply curve of each firm to shift upward, which increases the minimum efficient scale of production.
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TAX AVOIDANCE: A legal reduction in taxes. The complexity of our system of taxes, especially income taxes, makes it extremely worthwhile to identify the mix of spending, working, and assorted activities that reduce taxes. This has also created a major industry of accountants, lawyers, educators, public speakers, and others who spend their efforts uncovering legal tax loopholes. In terms of the big efficiency picture, this is a waste of resources. Our lives would, in general, be better off if this tax avoidance industry devoted it's efforts to increasing gross domestic product rather than diverting it from one pocket to another. This, though, is not a fault of theirs, but of the tax system itself. See also | tax | income tax | efficiency | resources | gross domestic product | tax evasion | Internal Revenue Service |
Recommended Citation:TAX AVOIDANCE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 5, 2025].
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AGGREGATE DEMAND INCREASE, SHORT-RUN AGGREGATE MARKET A shock to the short-run aggregate market caused by an increase in aggregate demand, resulting in and illustrated by a rightward shift of the aggregate demand curve. An increase in aggregate demand in the short-run aggregate market results in an increase in the price level and an increase in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at an auction wanting to buy either a coffee cup commemorating the 1960 Presidential election or a how-to book on fixing your computer, with illustrations. Be on the lookout for telephone calls from former employers.
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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"Plans are only good intentions unless they immediately degenerate into hard work." -- Peter Drucker, management consultant
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CBI
Confederation of British Industry
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