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HISTORICAL COST: An accounting principle stating that expenses are recorded in terms of original or acquisition cost. Such a practice does not necessarily indicate the opportunity cost or current market value.
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PROGRESSIVE TAX A tax in which the proportion of income paid in taxes is greater for higher income levels. A progressive income tax exists if taxpayers with more income pay a higher tax rate relative to income as income increases. A progressive tax is one of three alternations. The other two are proportional tax, in which the proportion of income paid in taxes is the same for all income levels, and regressive tax, in which the proportion of income paid in taxes is smaller for higher income levels.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"Intense concentration hour after hour can bring out resources in people they didn't know they had. " -- Edwin Land, inventor, entrepreneur
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FGLS
Feasible Generalized Least Squares
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