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TECHNOLOGICAL PROGRESS: An improvement in the ability to use the factors in the production of goods and services. That is, technological progress is an advance in the technical efficiency with which resources are combined in production. In contrast to factor accumulation, technological progress is an increase not in the quantity of the factor of production, but in the ability to transform the existing ones into output. That is, the ability to produce more output with given inputs or fewer inputs for a given output.
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INDIRECT BUSINESS TAXES The official entry in the National Income and Product Accounts maintained by the Bureau of Economic Analysis for sales taxes. Indirect business taxes are one key difference between national income (the resource cost of production) and gross (and net) domestic product (the market value of production). Indirect business taxes (IBT) is generally less than 10 percent of gross domestic product (7 to 8 percent is common).
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time browsing about a thrift store seeking to buy either decorative celebrity figurines or a flower arrangement with anything but tulips for your grandfather. Be on the lookout for telephone calls from long-lost relatives.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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"Success doesn't come to you . . . you go to it " -- Marva Collins, Educator
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AOQL
Average Outgoing Quality Limit
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