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ABILITY-TO-PAY PRINCIPLE: A principle of taxation in which taxes are based on the income or resource-ownership ability of people to pay the tax. The income tax collected by our friends at the Internal Revenue Service is one of the most common taxes that seeks to abide by the ability-to-pay principle. In theory, the income tax system is set up such that people with greater incomes pay more taxes. Proportional and progressive taxes follow this ability-to-pay principle, while regressive taxes, such as sales taxes and Social Security taxes, don't.
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LABOR The mental and physical human efforts used in the production of goods and services. This is one of four basic categories of resources, or factors of production. The other three are capital, land, and entrepreneurship.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
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"The only profit center is the customer. " -- Peter Drucker, management consultant
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MGE
Minneapolis Grain Exchange
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