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HORIZONTAL EQUITY: A system of taxes that treats equal people equally. In other words, if you make the same income as someone else and pay the same personal income taxes, then you have horizontal equity.
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GAINS FROM TRADE The combination of consumer surplus and producer surplus obtained by buyers and sellers when engaging in a market exchange. Gains from trade arise because buyers are typically willing and able to pay a higher price to purchase a good than what they end up paying and because sellers are typically willing and able to accept a lower price to sell a good than what they end up receiving. Both sides of the market exchange are thus better off, have a net gain in welfare, by making the trade. While all types of market exchanges generate gains from trade, this topic is perhaps most important for an understanding of international trade.
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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time at a going out of business sale seeking to buy either a desktop calendar with all federal and state holidays highlighted or a half-dozen helium filled balloons. Be on the lookout for jovial bank tellers.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"No man, for any considerable time, can wear one face to himself and another to the multitude without finally getting bewildered as to which may be true." -- Nathanial Hawthorne, Author
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RJE
RAND Journal of Economics
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