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ABILITY-TO-PAY PRINCIPLE: A principle of taxation in which taxes are based on the income or resource-ownership ability of people to pay the tax. The income tax collected by our friends at the Internal Revenue Service is one of the most common taxes that seeks to abide by the ability-to-pay principle. In theory, the income tax system is set up such that people with greater incomes pay more taxes. Proportional and progressive taxes follow this ability-to-pay principle, while regressive taxes, such as sales taxes and Social Security taxes, don't.
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COST-PUSH INFLATION Inflation of the economy's average price induced by decreases in aggregate supply that result from increases in production cost. This type of inflation occurs when the cost of using any of the four factors of production (labor, capital, land, or entrepreneurship) increases such that aggregate supply cannot satisfy aggregate demand. The alternative type of inflation is demand-pull inflation.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at an auction seeking to buy either a bookshelf that will fit in your closet or a birthday greeting card for your grandfather. Be on the lookout for slightly overweight pizza delivery guys.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"All things are difficult before they are easy." -- Thomas Fuller, Physician
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RPI
Retail Price Index
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