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ECONOMIC COMMISSION FOR LATIN AMERICA: The Economic Commission for Latin America (ECLA) -the Spanish acronym is CEPAL- was established in 1948. ECLAC, which is headquartered in Santiago, Chile, is one of the five regional commissions of the United Nations. It was founded for the purposes of contributing to the economic development of Latin America, coordinating actions directed towards this end, and reinforcing economic relationships among the countries and with the other nations of the world. The promotion of the region's social development was later included among its primary objectives. The 33 countries of Latin America and the Caribbean are member States of ECLAC, together with several North American and European nations that have historical, economic and cultural ties with the region.
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PROPORTIONAL TAX A tax in which the proportion of income paid in taxes is the same for all income levels. A proportional income tax exists if ever taxpayer pays exactly the same tax rate relative to income regardless of income level. A proportional tax is one of three alternations. The other two are progressive tax, in which the proportion of income paid in taxes is greater for higher income levels, and regressive tax, in which the proportion of income paid in taxes is smaller for higher income levels.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time at a flea market seeking to buy either a wall poster commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or decorative garden figurines. Be on the lookout for neighborhood pets, especially belligerent parrots.
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This isn't me! What am I?
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"You miss 100% of the shots you never take. " -- Wayne Gretzky, hockey player
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PIH
Permanent Income Hypothesis
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