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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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THIRD-DEGREE PRICE DISCRIMINATION A form of price discrimination in which a seller charges different prices to groups that are differentiated by an easily identifiable characteristic, such as location, age, sex, or ethnic group. This is the most common type of price discrimination. This is one of three price discrimination degrees. The others are first-degree price discrimination and second-degree price discrimination.
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
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"If you don't have time to do it right, when will you have time to do it over?" -- John Wooden, Basketball coach
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NIPA
National Income and Product Accounts
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