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GRADUATED TAX: A type of progressive tax in which the tax rate is higher as the value of the taxed item increases. For example a graduated sales tax would be one with a 5 percent tax rate on the first $10 of sales, 10 percent tax rate on the any sales between $10 and $50, then a 15 percent rate for anything above $50. Our personal income tax system uses graduated taxes.
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SELLERS' MARKET A disequilibrium condition in a competitive market that has a shortage or excess demand. Because the quantity demanded is greater than the quantity supplied, sellers have the "upper hand" when negotiating. A sellers' market also goes by the more common term of shortage. The alternative to a sellers' market is a buyers' market, which has a surplus or excess supply.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time at an auction looking to buy either a coffee cup commemorating the 1960 Presidential election or a how-to book on fixing your computer, with illustrations. Be on the lookout for telephone calls from long-lost relatives.
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This isn't me! What am I?
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"Few things can help an individual more than to place responsibility on him, and to let him know that you trust him. " -- Booker T. Washington, educator
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WACM
Weak Axiom of Cost Minimization
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