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AD VALOREM TAX: A tax that is specified as a percentage of value. Sales, income, and property taxes are three of the more popular ad valorem taxes devised by government. The total ad valorem tax paid increases with the value of what's being taxed.

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VOLUNTARY EXCHANGE

The process of willingly trading one valuable commodity (good, service, or resource) for another. The key term is "willingly," which distinguishes voluntary exchanges from involuntary exchanges, such as those created by government taxes. Voluntary exchanges are the foundation of market transactions.

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APLS

BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time at an auction wanting to buy either galvanized steel storage shelves or a large green chalkboard shaped like the state of Maine. Be on the lookout for vindictive digital clocks with revenge on their minds.
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Three-forths of the gold mined each year is used to manufacture jewelry.
"I think luck is the sense to recognize an opportunity and the ability to take advantage of it . The man who can smile at his breaks and grabs his chance gets on."

-- Samuel Goldwyn, Film executive

LRMC
Long Run Marginal Cost
A PEDestrian's Guide
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