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Unformatted text preview: its scarce resources, getting the maximum benefits from its scarce resources • Equality – the property of distributing economic prosperity uniformly amoung the members of society • Efficiency refers to the size of the economic pie, and equality refers to how the pie is divided into individual slices. • Progressive taxes – a tax for which high income taxpayers pay a larger fraction of their income than do low income tax payers • Opportunity cost – whatever you give up to obtain an item • Margin -...
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This note was uploaded on 03/29/2010 for the course ECON Micro taught by Professor Bishop during the Spring '09 term at East Carolina University .
- Spring '09