Term
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Definition
| total tax paid divided by total tabable income |
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Term
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Definition
| a financial device through which a borrower is obligated to pay the principal and interest on a loan at a specific date in the future |
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Term
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Definition
| a tax levied on the net income; accounting profit; of corporations |
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Term
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Definition
| a legal entity chartered by a state or the fed. gov. that is distinct and separate from the individuals who own it |
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Term
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Definition
| a consumer good with an expected life of three or more yrs |
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Term
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Definition
| a cost of benefit from consumption, without compensation to someone other that the buyers and sellers of the product |
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Term
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Definition
| an organization that employs resources to produce a good or service for profit and owns and operates one or more plants |
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Term
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Definition
| the inability of potential providers of an economically desireable good or service to obtain payment from those who benefit, because of nonexcludability |
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Term
| functional distribution of income |
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Definition
how nationsl income is divided among functions performed to earn it; national income into salaries and wages, interest, rent, ect |
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Term
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Definition
| goods and services used by gov. to provide public goods and public capital w/ a long lifetime |
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Term
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Definition
| a group of firms that produce similar products |
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Term
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Definition
| restriction on losses of a predetermined amount for the owners of a corporation |
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Term
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Definition
| the tax rate paid on each additional dollar of income |
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Term
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Definition
| a market structure in which the number of sellers is small and each seller can influence supply and price |
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Term
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Definition
| a cost imposed without compensation on third parties by the production or consumption of sellers or buyers |
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Term
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Definition
| a consumer good with an expected life of less than three years |
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Term
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Definition
| an unincorporated firm owned and operated by two or more persons |
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Term
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Definition
| a tax levied on employers of labvor equal to a percentage of all or part of the wages and salaries paid by them and on employees equal to a percentage of all or part of the wages and salaries received by them |
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Term
| personal distribution of income |
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Definition
| the manner in which the economy's personal or disposable income is divided among different income classes or different household or families |
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Term
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Definition
| a tax levied on the taxable income of indiviuals, households, and unincorporated firms |
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Term
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Definition
| a physical establishment that performs one or more functions in the production, fabrication, and distribution of goods and services |
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Term
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Definition
| a benefit obtained without compensation by third parties from the production or consumption of sellers or buyers |
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Term
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Definition
| a conflict of interest that occurs when agents pursue their own objectives to the detriment of the principals' goals |
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Term
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Definition
| a tax on the value of property owned by firms and households |
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Term
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Definition
| a good or service that is characterized by nonrivalry and nonexcludability a good or service with these characteristics provided by government |
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Term
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Definition
| a good or service to which excludability coyuld apply but that has such a large positive externality that gov. sponsors its production to prevent an under allocation of resources |
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Term
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Definition
| a tax levied on the cost of a broad group of products |
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Term
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Definition
| an intangible act or use for which a consumer, firm, or gov. is willign to pay |
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Term
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Definition
| an unincorporated firm owned and operated by one person |
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Term
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Definition
| an ownership share in a corporation |
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Term
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Definition
| a payment of money by a gov. to a household or firm for which the payer receives no good or service directly in return |
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