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Definitions (614)

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Secondary Effects


Effects indirectly related to a course of action whose influence will only be seen or felt later in time.
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Previous Balance


In a credit arrangement, last month's balance.
Source: econedlink.org

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Previous balance


In a credit arrangement, last month's balance.
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Council for Economic Education Economics & personal finance resources for k-12 about store resources contact share var addthis_config = { ui_cobrand: EconEdLink


Sign up to receive TEACHING OPPORTUNITY the CEE K-12 Educator Newsletter
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council for economic education economics & personal finance resources for k-12 about store resources contact share var addthis_config = { ui_cobrand: econedlink


Sign up to receive TEACHING OPPORTUNITY the CEE K-12 Educator Newsletter
Source: econedlink.org
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ability-to-pay principle


The belief that people should be taxed according to their ability to pay, regardless of the benefits they receive. The U.S. individual income tax is based on this principle.
Source: econedlink.org

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Absolute advantage


The ability to produce more units of a good or service than some other producer, using the same quantity of resources.
Source: econedlink.org

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Accounting Loss


Total explicit costs are greater than total explicit revenue which results in a loss.
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accounting loss


Total explicit costs are greater than total explicit revenue which results in a loss.
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Accounting profit


Total revenue less total costs except for the opportunity cost of capital.
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