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SALES TAX: A tax on retail sales. This is major source of revenue for many state and local governments. Because poorer people tend to spend a larger share of their income on stuff covered by sales taxes, it tends to be a regressive tax. To reduce this regressiveness, some state and local governments excluded items like food and medicine.
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CONSUMER EQUILIBRIUM The condition that exists when the last dollar spent on one good provides the same marginal utility as the last dollar spent on every other good. In consumer equilibrium, income is allocated between the purchase of different goods in such a way that the level of utility cannot be increased, that is, utility maximization has been achieved.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex wanting to buy either a replacement remote control for your television or a replacement nozzle for your shower. Be on the lookout for infected paper cuts.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"No amount of business school training or work experience can teach what is ultimately a matter of personal character. " -- Truett Cathy, Chick-fil-A Inc. founder
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LAD
Least Absolute Deviations
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