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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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MARKET EQUILIBRIUM The state of equilibrium that exists when the opposing market forces of demand and supply achieve a balance with no inherent tendency for change. Once achieved, a market equilibrium persists unless or until it is disrupted by an outside force, especially the demand and supply determinants. A market equilibrium is indicated by equilibrium price and equilibrium quantity.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors seeking to buy either a Boston Red Sox baseball cap or a square lamp shade with frills along the bottom. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"It is very rare that you meet with obstacles in this world (that) the humblest man has not the faculties to surmount. " -- Henry David Thoreau, philosopher
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L/I
Letter of Intent
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