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ABSOLUTE ADVANTAGE: The general ability to produced more goods using fewer resources. This idea of absolute advantage is important for trading that occurs between both people and nations. A nation can get an absolute advantage from an advanced level of technology or higher quality resources. For a person, an absolute advantage can result from natural abilities or the acquisition of human capital (education, training, or experience).
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REVENUE EFFECT The generation of revenue used to finance government operations that results from placing taxes on economic activity. The revenue effect is the primary reason that governments impose taxes on members of society. Without the revenue generated from taxes, governments could not provided valuable and essential public goods nor undertake other government operations. This is one of two effects of taxation. The other is the allocation effect, which is the change in resource allocation that results because taxes create disincentives to produce, consume, and exchange.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall wanting to buy either a coffee table shaped like the state of Florida or storage boxes for your summer clothes. Be on the lookout for slightly overweight pizza delivery guys.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"The only profit center is the customer. " -- Peter Drucker, management consultant
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QML
Quasi-Maximum Likelihood
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