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Key Areas

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Published in: Business, Technology

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  • 1. Marissa Doria Block 3
  • 2.
    • Standard of Living—Generally measured by standards such as real (i.e. inflation adjusted) income per person and poverty rate
    • Opportunity Cost—Value of the next-best alternative that you did not choose
    • Productivity—Production output in relation to a unit of input , such as a worker
    • Inflation—Increase in the general level of prices
  • 3.
    • Sales Tax—State of local tax on goods and services that is collected by the seller
    • Real Estate Tax—Property tax, or millage tax, is an ad valorem tax that an owner pays on the value of the property being taxed
    • Gift Tax—A tax imposed on transfers of property by gift during the lifetime of the giver
    • Tariff—Tax that government places on certain imported products
    • Embargo—Action imposed by the government to stop the export or import of a product completely