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TRADE UNION: A labor union composed of workers in the same occupation, but not necessarily in the same industry, producing the same product, or employed by the same firm. Common examples of craft unions are for plumbers, carpenters, and musicians. Craft unions generally exert market control by limiting the number of suppliers. The American Federation of Labor (AFL) began as a collection of craft unions. This is also termed a craft union.
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TAX EFFICIENCY Taxes, mandatory payments used to finance government operations, inherently disrupt the allocation of resources. This disruption might be good, correcting an otherwise inefficient allocation caused by pollution or market control. However, for an already efficiency allocation, a tax creates and inefficient wedge between the demand price and the supply price. This tax is generally paid partially by buyers and partially by sellers, which the tax incidence. Inefficiency arises because a tax reduces the total amount of consumer surplus and producer surplus, which is deadweight loss.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club hoping to buy either a handcrafted bird feeder or a New York Yankees baseball cap. Be on the lookout for letters from the Internal Revenue Service.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"The difference between the impossible and the possible lies in a person's determination. " -- Tommy Lasorda
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VAT
Value Added Tax
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