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VALUE-ADDED TAX: A tax on the extra value added during each stage in the production of a good. Most of the stuff our economy produces goes through several "stages," usually with different businesses. In each stage, resources do their thing to the good to make it a little more valuable. For example, an ice cream store can take 50 cents worth of ice cream, fudge, and whipped topping and turn it into a hot fudge sundae that's valued at $1.50. The efforts of the ice cream resources thus add $1 in value. A value-added tax is based on this extra value. While it's been debated off and on in the United States, a value-added tax is commonly used in Europe.

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ECONOMIC EFFICIENCY

Obtaining the most consumer satisfaction from available resources. In other words, resources are allocated in such a way that consumer satisfaction is at its highest possible level. This is also termed either efficiency or allocative efficiency.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time watching infomercials hoping to buy either blue cotton balls or a genuine down-filled pillow. Be on the lookout for rusty deck screws.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
"Plans are only good intentions unless they immediately degenerate into hard work."

-- Peter Drucker, management consultant

NIPA
National Income and Product Accounts
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