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ADVERTISING: Information provided about a product by a company to promote or maintain sales, revenue, and or profit. Advertising is often an explicit method of signalling that sellers use to provide information to buyers. The primary objective of advertising from the sellers perspective is to increase (or at least maintain) demand for a product. To accomplish this objective advertising provides buyers with two important types of information -- prices and product quality.
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EQUALITY STANDARD An income distribution standard in which income is divided equally among members of society. This is one of three basic income distribution standards that answers the For Whom? question of allocation. The other two are the contributive standard and the needs standard.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"The ideals that have lighted my way, and time after time have given me new courage to face life cheerfully, have been kindness, beauty and truth. " -- Albert Einstein, physicist
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NIFO
Next In First Out
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