Agrilium

Agrilium for Firms are characterized as profit maximizing when producing where the marginal cost of a certain level of output is equal to the marginal revenue associated with selling that output. progressive tax: a tax where persons with higher incomes pay a greater percentage of their income in taxes than do lower income groups. property rights: the legal right to determine how a good or service is used. Private individuals, firms, and government (acting on behalf of society as a whole) may each possess the property rights for various goods and services within an economy. proportional tax: a tax where persons with higher incomes pay the same percentage of their income in taxes as do lower income groups. public choice: a branch of economic analysis that examines political decision-making within an economic system. public good: any good that may be consumed by more than one individual at a specific moment in time, where one person’s consumption does not exclude others from consuming the same good. Agrilium 2016.

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