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In the implementation stage, decision makers gather information that tells them how well the decision was implemented and whether it was effective in achieving its goals.
Great Depression
A severe worldwide economic downturn that took place during the 1930s, marked by widespread unemployment, poverty, and deflation.
Laffer Curve
A curve illustrating the relationship between the tax rate and tax revenues. Tax revenues will be low at both very high and very low tax rates. When tax rates are quite high, lowering them can increase tax revenue.
Tax Revenues
The income that is gained by governments through taxation.
Marginal Tax Rates
The rate of tax that applies to the next dollar of taxable income above a pre-determined threshold.
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