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HORIZONTAL EQUITY: A system of taxes that treats equal people equally. In other words, if you make the same income as someone else and pay the same personal income taxes, then you have horizontal equity.

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AVERAGE PRODUCT

The quantity of total output produced per unit of a variable input, holding all other inputs fixed. Average product, usually abbreviated AP, is found by dividing total product by the quantity of the variable input. Average product, which occasionally goes by the alias average physical product (APP), is one of two measures derived from total product. The other is marginal product.

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Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either a blue mechanical pencil or super soft, super cuddly, stuffed animals. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"A leader is most successful when people barely know he exists. When his work is done, his aim fulfilled, his troops will feel they did it themselves. "

-- Lao-Tzu, philosopher

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