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GIFT TAX: A tax on the transfer of assets from one person to another. The gift tax is different from estate and inheritance taxes in that it applies to people who are still alive. In fact, the gift tax was created because people sought to avoid estate and inheritance taxes by giving their stuff away before dying. But all gifts are not taxed. There are both annual and lifetime exemptions on gifts subject to this tax. These exemptions are changed from time to time, so you might want to investigate further if you happened to hit the big jackpot on a television game show. Some, but not necessarily all of that prize is likely to be taxed.
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AVERAGE REVENUE CURVE, PERFECT COMPETITION A curve that graphically represents the relation between average revenue received by a perfectly competitive firm for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a perfectly competitive firm's output.
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GRAY SKITTERY
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Today, you are likely to spend a great deal of time watching the shopping channel looking to buy either a rechargeable flashlight or storage boxes for your computer software CDs. Be on the lookout for high interest rates.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"It had long since come to my attention that people of accomplishment rarely sat back and let things happen to them. They went out and happened to things. " -- Elinor Smith, aviator
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