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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 GOOD

A tangible item produced with society's limited resources for the purpose of satisfying wants and needs. As a general notion, the phrase economic good also commonly includes intangible services produced with society's limited resources for the purpose of satisfying wants and needs. A synonymous term for economic good is scarce good.

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Today, you are likely to spend a great deal of time searching for a specialty store seeking to buy either a rim for your spare tire or decorative celebrity figurines. Be on the lookout for letters from the Internal Revenue Service.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
"Wise men speak because they have something to say; Fools because they have to say something. "

-- Plato, philosopher

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