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INCOME TAX: A tax on income, including wages, rent, interest, profit, and (usually) transfer payments. The income tax system in the United States includes both a personal income tax and corporate income tax. In general, the U. S. income tax is progressive, but through a number of deductions and other loopholes, it's less so in practice that on paper.
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PERFECT COMPETITION, PROFIT ANALYSIS A perfectly competitive firm produces the profit-maximizing quantity of output that generates the highest level of profit. This profit approach is one of three methods that used to determine the profit-maximizing quantity of output. The other two methods involve a comparison of total revenue and total cost or a comparison of marginal revenue and marginal cost.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors trying to buy either a remote controlled sports car with an air spoiler or semi-gloss photo paper that works with your neighbor's printer. Be on the lookout for gnomes hiding in cypress trees.
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
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"My future starts when I wake up every morning . . . Every day I find something creative to do with my life. " -- Miles Davis, musician
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FASB
Financial Accounting Standards Board
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