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Personal Income Tax
A tax that governments impose on individuals directly based on their income, including wages, salaries, and investment earnings.
Aggregate Supply
represents the total supply of goods and services that firms in an economy are willing and able to produce at a given overall price level and in a given time period.
Economic Growth
The increase in the inflation-adjusted market value of the goods and services produced by an economy over time.
Business Cycle
The natural rise and fall of economic growth over time, consisting of periods of expansion, peak, contraction, and trough.
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