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Identify and discuss the four main weaknesses of the Articles of Confederation that led to its failure.
Real GDP
An inflation-adjusted measure that reflects the value of all goods and services produced by an economy in a given year, expressed in base-year prices, to reveal the true growth rate.
Intermediate Good
A product used to produce a final good or finished product, also known as a semi-finished product.
Direct Tax
Tax on a particular person. Most important are federal personal income tax and payroll (Social Security) tax.
Excise Tax
A tax imposed on specific goods, services, or transactions, often included in the price of products like gasoline, alcohol, and tobacco, aimed at reducing their consumption or raising revenue.
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