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REGRESSIVE TAX: A tax in which people with more income pay a smaller percentage in taxes. A regressive tax is given by this example--You earn $10,000 a year and your boss gets $20,000. You pay $2,000 in taxes (20 percent) while your boss also pays $2,000 in taxes (10 percent). Examples of regressive taxes abound (is this surprising given the political clout of the wealthy?), including sales tax, excise tax, and Social Security tax.

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RULE OF CONSUMER EQUILIBRIUM

A condition of consumer equilibrium and utility maximization stating that the marginal utility-price ratios for all goods are equal. This rule is a handy way of checking for consumer equilibrium and utility maximization. If the rule is not satisfied, then consumer equilibrium and utility maximization are not achieved.

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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time at a garage sale hoping to buy either a wall poster commemorating yesterday or pink cotton balls. Be on the lookout for rusty deck screws.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
"God grants victory to perseverance. "

-- Simon Bolivar, South American liberator

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