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AD VALOREM TAX: A tax that is specified as a percentage of value. Sales, income, and property taxes are three of the more popular ad valorem taxes devised by government. The total ad valorem tax paid increases with the value of what's being taxed.
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EFFICIENCY Generating the most possible satisfaction from a given amount of resources. Efficiency means that this satisfaction of wants and needs cannot be increased by producing more of one good and less of another. This is one of the five economic goals and one of two microeconomic goals. The other goals are full employment, stability, economic growth, and equity.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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PBOT
Phildelphia Board of Trade
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