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PAYROLL TAX: A tax levied on the wage earnings, or payroll, of workers. The most notable, if nothing else in terms of sheer dollar amount, is the Social Security tax.
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PERFECT COMPETITION, TOTAL ANALYSIS A perfectly competitive firm produces the profit-maximizing quantity of output that generates the greatest difference between total revenue and total cost. This total approach is one of three methods that used to determine the profit-maximizing quantity of output. The other two methods involve the direct analysis of economic profit or a comparison of marginal revenue and marginal cost.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction trying to buy either hand lotion, a big bottle of hand lotion or a lighted magnifying glass. Be on the lookout for gnomes hiding in cypress trees.
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This isn't me! What am I?
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"I learned about the strength you can get from a close family life. I learned to keep going, even in bad times. I learned not to despair, even when my world was falling apart. I learned that there are no free lunches. And I learned the value of hard work. " -- Lee Iacocca
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JEP
Journal of Economic Perspectives
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