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LOCAL BONDS: Also called municipal bonds, these are medium or long-term financial instruments issued by municipalities to borrow the funds used to build schools, highways, parks and other public projects. An attractive feature of these financial instruments is that are exempt from federal income tax. Commercial banks, corporations, and others with large sums of funds to lend usually purchase these bonds.
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PRODUCTION TIME PERIODS Alternative time periods used to differentiate between variable inputs and fixed inputs that are key to the analysis of short-run production and long-run production by a firm. The two primary time periods are short run and long run. Two secondary periods are very short run (market period) and very long run. Time periods are specified based on the number of inputs that are fixed or variable.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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"I believe that every right implies a responsibility, every opportunity, an obligation, every possession, a duty. " -- John D. Rockefeller, industrialist
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MCP
Marginal Cost Pricing
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