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ABILITY-TO-PAY PRINCIPLE: A principle of taxation in which taxes are based on the income or resource-ownership ability of people to pay the tax. The income tax collected by our friends at the Internal Revenue Service is one of the most common taxes that seeks to abide by the ability-to-pay principle. In theory, the income tax system is set up such that people with greater incomes pay more taxes. Proportional and progressive taxes follow this ability-to-pay principle, while regressive taxes, such as sales taxes and Social Security taxes, don't.
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PURPLE SMARPHIN
Your compete MICRO*scope for today
You are the type of person who considers shopping an interesting intellectual exercise. Family and friends are prone to remind you of the current decade whenever they take note of your clothing ensemble. Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either car battery jumper cables or a dozen high trajectory optic orange golf balls. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity. You should consider shopping at stores or businesses beginning with the letter V, but do not buy any products with a serial number or product code containing the number 867357. Your preferred shopping venue is the Internet. Your special symbol is the exclamation point (!).
Is this You?
As a Purple Smarphin, you are the brightest and most intelligent person you know. And that goes for shopping, too. You know exactly what you want. You know exactly what it costs. You know exactly when and where to buy. But, of course, shopping is only one of the many activities that attracts your intellectual attention. You shop when you need to and buy if have to, but shopping is not the end all of your life.
This isn't me! What am I?
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SAVING FUNCTION A mathematical relation between saving and income by the household sector. The saving function can be stated as an equation, usually a simple linear equation, or as a diagram designated as the saving line. This function captures the saving-income relation, the flip side of the consumption-income relation that forms one of the key building blocks for Keynesian economics. The two key parameters of the saving function are the intercept term, which indicates autonomous saving, and the slope, which is the marginal propensity to save and indicates induced saving. The injections-leakages model used in Keynesian economics is based on the saving function.
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Those Astronomical ATHLETE SALARIESIt's a great day to take in a ball game, don't you think? With our hustling, bustling jaunt through the economy, we probably deserve a relaxing afternoon of hot dogs and peanuts with my favorite baseball team -- the Shady Valley Primadonnas. Of course the hot dogs and peanuts are overpriced, and you might need a second mortgage on your house to buy the ticket, but the expense is worth watching of the finest athletes in the world display their world-class athletic abilities. We might even coax an autograph from the Primadonnas all-star centerfielder -- Harold "Hair Doo" Dueterman.
Tell me more...
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The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
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"The vacuum created by failure to communicate will quickly be filled with rumor, misrepresentations, drivel and poison. " -- C. Northcote Parkinson, historian
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TP
Total Product
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