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TAX EVASION: An illegal reduction in taxes. Tax evasion occurs when someone fails to pay their legal taxes. This is the sort of thing that leads to a prison sentence. Ethical considerations aside, it is also the sort of thing that's likely to happen if tax rates are high or unpopular.
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AVERAGE FIXED COST CURVE A curve that graphically represents the relation between average fixed cost incurred by a firm in the short-run product of a good or service and the quantity produced. This curve is constructed to capture the relation between average fixed cost and the level of output, holding other variables, like technology and resource prices, constant. The average fixed cost curve is one of three average curves. The other two are average total cost curve and average variable cost curve. A related curve is the marginal cost curve.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time at a flea market wanting to buy either a packet of address labels large enough for addresses of both the sender and the recipient or a key chain with a built-in flashlight and panic button. Be on the lookout for high interest rates.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"It has been my philosophy of life that difficulties vanish when faced boldly. " -- Isaac Asimov
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CRRA
Constant Relative Risk Aversion
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