Examlex
Discuss the importance and key powers of the president's role as chief economist.
Tax on Consumption
A levy placed on the spending on goods and services, often implemented through sales tax or value-added tax (VAT).
Standard of Living
The level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area.
Saving
The process of setting aside a portion of current income for future use, either by depositing money in a bank or purchasing financial instruments.
Benefits-Received Principle
A theory of fairness holding that taxpayers should contribute to government (in the form of taxes) in proportion to the benefits they receive from public expenditures.
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