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Theory in Economics

question 105

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Theory in economics


Definitions:

Capital Goods

Long-term physical assets utilized by businesses to produce goods and services.

Single Tax

A tax system with only one type of tax, often proposed to simplify the tax structure and eliminate inefficiencies.

Henry George

A 19th-century economist known for his advocacy for a single tax on land value to improve social and economic inequalities.

Land

In economics, land comprises all naturally occurring resources whose supply is inherently fixed.

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