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HOUSEHOLD: The consuming population of an economy, which pretty much includes every living, breathing human being in a nation. The key contrast here is with business, the organizations responsible for production. In terms of the circular flow, households buy production from businesses through product markets and supply resources to business through factor markets. Check out the household sector for more.
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BENEFIT PRINCIPLE A taxation principle stating that taxes should be based on the benefits received. The benefit principle works from the proposition that those who receive the greatest benefits should pay the most taxes. The benefit principle is commonly used for near-public goods such as highways, libraries, college, and national parks. This is one of two taxation principles. The other is the ability-to-pay principle, which states taxes should be based on income or the ability to pay taxes.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area looking to buy either a video camera with stop action features or one of those memory foam pillows. Be on the lookout for telephone calls from long-lost relatives.
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This isn't me! What am I?
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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"A people that values its privileges above its principles soon loses both. " -- Dwight Eisenhower, 34th US president
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JFE
Journal of Financial Economics
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