Examlex
Consider the term distributable net income as it is used with respect to the Federal income taxation of trusts and estates. How is this amount computed? How is it used in computing the parties' taxable incomes?
Optimal Choices
Optimal choices refer to decision-making that maximizes utility or benefit within given constraints, finding the best possible outcome from a set of alternatives.
Scarcity
The basic economic issue arises from the reality of endless human desires facing the constraint of finite resources.
Normative
Pertaining to or expressing judgments based on values, standards, or ideals, often concerning what is right or wrong, or what ought to be.
Positive
Refers to statements or assertions that are objective and based on factual evidence, often used in the context of affirming information in sciences and economics.
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