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SAVING: The after-tax disposable income of the household sector that is not used for consumption expenditures. In general terms, saving is the use of income to purchase legal claims through financial markets rather than the direct purchase of physical goods and services. In the macroeconomic world modeled by the circular flow, saving is the diversion of household income away from consumption and into the financial markets. In this model, saving is a primary source of funds used for business investment expenditures for capital goods. Saving is also used to finance government expenditures.
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TAXATION BASICS Taxes are mandatory payments from members of society to governments. The total tax revenue collected from a specific tax can be identified as the product of the tax rate times the tax base. The tax base can be specified as either a physical quantity or monetary value, giving rise to two types of tax per unit tax (quantity) and ad valorem tax (value). In some cases it is useful to specify a tax rate as an average tax rate and in other cases as a marginal tax rate.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store seeking to buy either a birthday greeting card for your grandfather or a weathervane with a cow on top. Be on the lookout for malfunctioning pocket calculators.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"Managing intellectual assets has become the single most important task of business. " -- Thomas Stewart, author
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BJE
Bell Journal of Economics
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