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ABILITY-TO-PAY PRINCIPLE: A principle of taxation in which taxes are based on the income or resource-ownership ability of people to pay the tax. The income tax collected by our friends at the Internal Revenue Service is one of the most common taxes that seeks to abide by the ability-to-pay principle. In theory, the income tax system is set up such that people with greater incomes pay more taxes. Proportional and progressive taxes follow this ability-to-pay principle, while regressive taxes, such as sales taxes and Social Security taxes, don't.
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TOTAL PRODUCT AND MARGINAL PRODUCT A mathematical connection between marginal product and total product stating that marginal product IS the slope of the total product curve. If the total product curve has a positive slope (that is, is upward sloping), then marginal product is positive. If the total product curve has a negative slope (downward sloping), then marginal product is negative. If the total product curve has a zero slope (horizontal), then marginal product is zero.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages trying to buy either several magazines on home repairs or a remote controlled sports car with an air spoiler. Be on the lookout for poorly written technical manuals.
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This isn't me! What am I?
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John Maynard Keynes was born the same year Karl Marx died.
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"A man is not finished when he is defeated. He is finished when he quits. " -- President Richard Nixon
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BAE
Bureau of Agricultural Economics
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