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TAX INCIDENCE: The ultimate payment of a tax. Many taxes are initially paid by one person, but passed along through production and consumption activities until it finally reaches someone else. An obvious example is the sales tax. While officially paid by the retail store (they write the check to the government), it's tacked on to the prices paid by consumers. Consumers, thus, bear the lion's share of most sales taxes. The incidence of other taxes is not quite so obvious. Some taxes are paid by producers early in production such as severance taxes on oil extraction without the knowledge of consumers, who end up paying through higher prices. As a general rule taxes are passed through the system until they reach someone (usually consumers) who can pass it no further.
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MARGINAL PHYSICAL PRODUCT The change in the quantity of total physical product resulting from a unit change in a variable input, keeping all other inputs unchanged. Marginal physical product, usually abbreviated MPP, is found by dividing the change in total physical product by the change in the variable input. Marginal physical product, which more often goes by the name marginal product (MP), is one of two measures derived from total physical product. The other is average physical product.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at a flea market seeking to buy either a handcrafted bird house or a weathervane with a chicken on top. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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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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"The road to success is always under construction. " -- Lily Tomlin, Actress
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BIS
Bank for International Settlements
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