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The elbow is proximal to the wrist.
Equilibrium Quantity
The quantity at which the intentions of buyers and sellers in a particular market match at a particular price such that the quantity demanded and the quantity supplied are equal; the profit-maximizing output of a firm.
Flat-Rate State Income Tax
A tax system where a single tax rate is applied to all income levels, making the tax amount proportionate to income without progressive scaling.
General Sales Tax
A tax applied uniformly on most goods and services purchased by consumers within a jurisdiction.
Progressive Federal Income Tax
A tax system where the tax rate increases as the taxable amount (income) increases, applied at the federal level.
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