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A Recent Decline in Interest Rates Made Home Construction More

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A recent decline in interest rates made home construction more affordable for many families.The consequent increase in construction produced a rightward shift in the demand curves for construction materials.Economists would say that the change in demand for materials is due to


Definitions:

Average Tax Rate

The proportion of total income that is paid in taxes, calculated by dividing the total amount of taxes paid by the total income.

Marginal Tax Rate

The rate at which the last dollar of income is taxed, indicating how much of any additional income will be paid in taxes.

Taxable Income

The portion of an individual's or entity's income that is subject to taxation by governmental authorities.

Average Tax Rate

The proportion of total taxable income paid in taxes, calculated by dividing the total tax amount by the total income.

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