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Economic Growth
An increase in the production of goods and services in an economy over a period of time, often measured as the percentage increase in real gross domestic product (GDP).
Living Standards
The level of wealth, comfort, material goods, and necessities available to a person or community.
Progressive Tax Structure
A tax system where the tax rate increases as the taxable amount increases, placing a higher burden on wealthier individuals.
Real Incomes
Real incomes refer to the amount of goods and services that can be purchased with a given amount of money, after adjusting for inflation.
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