A tax on an imported good or service.
A measure of who actually pays a tax.
An omission or ambiguity in the tax law that allows some people to legally avoid paying certain taxes.
Taxation is the process in which a charge is imposed upon a taxpayer by a state or a legal equivalent of a state.
Payments that individuals and businesses are required to make to local, state, or national governments.
Improvements in a firm's ability to produce due to improved processes, methods and machines.
The set of instructions or blueprints that inform producers about the various ways that capital and labor can be combined to produce a particular product is the technology of production. From these possible input choices, producers select combinations of labor and capital to produce output that maximizes profits. The technology of production defines the productivity of resources, and improvements in technology typically increase productivity of resources. A "change in technology" usually refers to new ways to produce more or better output with the same quantities of input resources (or the same output level with fewer input resources).
Tools of the Federal Reserve
The tools of the Federal Reserve are wide-ranging. They include: Open Market Operations, Overnight Lending Through the Discount Window, The New Term Auction Facility, and Changing the federal funds rate target to respond to macroeconomic risk.
Total Cost (TC)
All costs associated with producing a good or service; the sum of total fixed costs plus total variable costs.
Total Revenue (TR)
All money received from selling a good or service; the price times the quantity sold of each item.
The exchange of goods and services for money or other goods and services.
Restrictions that prevent free trade among nations. Examples include tariffs, import and export quotas, and nontariff restrictions such as licensing requirements and bureaucratic red tape.
The giving up of one benefit or advantage in order to gain another regarded as more favorable.
Trade-offs among Goals
An economic analysis of calculating costs of achieving a goal verses the value of expected benefits of the goal. The results will help make clear-minded decisions whether or not to pursue a goal.
Trade, Exchange and Interdependence
The record of all transactions (in goods, services, physical and financial assets) between individuals, firms and governments of one country with those in all other countries in a given year, expressed in monetary terms.
An economy in which customs and habits from the past are used to resolve most economic issues of production and distribution.
Tragedy of the Commons
Overuse or misuse of a commonly-owned resource, such as public grazing land or fishing waters.
Costs associated with buying or selling goods and services that are not included in the money prices of those goods and services. Examples include obtaining information on prices and product quality, searching for sellers, and bargaining costs.
Money collected by the government from one group and given to others. Examples include Social Security benefits, unemployment compensation, and agricultural subsidies.
An economy that is moving from one economic system to another. The term usually refers to the movement from a planned economic system into a competitive market system.
Types of Unemployment
Their are varying types and degrees of unemployment. Cyclical unemployment occurs with downturns in the economy and evaporates when the economy rebounds. Frictional unemployment details people who are unemployed while transitioning between jobs. Structural unemployment deals with an offset of skilled workers and available jobs. Seasonal unemployment is another situation in which skilled workers are mismatched with the number of jobs. Hidden unemployment the unemployment of potential workers, which is not reflected in official statistics. Hardcore unemployment describes persons who may be unemployable due to physical or mental incapacitation.