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Take-Home Pay

The amount of money a person receives within a pay period after taxes and other deductions are taken out of his or her paycheck.


A tax on an imported good or service.

Tax Incidence

A measure of who actually pays a tax.

Tax Loophole

An omission or ambiguity in the tax law that allows some people to legally avoid paying certain taxes.


Taxation is the process in which a charge is imposed upon a taxpayer by a state or a legal equivalent of a state.


Compulsory payments to governments by households and businesses.

Technological Changes

Improvements in a firm's ability to produce due to improved processes, methods and machines.

Three Cs of Credit

Three characteristics that determine a person's qualifications for obtaining a loan: Capital: Assets owned. Character: A person's past history in repaying debts. Capacity: A person's current and future earnings relative to current debt.

Tools of the Federal Reserve

The tools of the Federal Reserve are wide-ranging. They include: Open Market Operations, Overnight Lending Through the Discount Window, The New Term Auction Facility, and Changing the federal funds rate target to respond to macroeconomic risk.

Total Available Credit

In a credit arrangement, the total credit line minus the new balance.

Total Cost (TC)

All costs associated with producing a good or service; the sum of total fixed costs plus total variable costs.

Total Credit Line

In a credit arrangement, the maximum amount that can be charged on the credit account.

Total Revenue (TR)

All money received from selling a good or service; the price times the quantity sold of each item.


The exchange of goods and services for money or other goods and services.

Trade Barriers

Restrictions that prevent free trade among nations. Examples include tariffs, import and export quotas, and nontariff restrictions such as licensing requirements and bureaucratic red tape.


The giving up of one benefit or advantage in order to gain another regarded as more favorable.

Trade-offs among Goals

An economic analysis of calculating costs of achieving a goal verses the value of expected benefits of the goal. The results will help make clear-minded decisions whether or not to pursue a goal.

Traditional Economy

An economy in which customs and habits from the past are used to resolve most economic issues of production and distribution.

Tragedy of the Commons

Overuse or misuse of a commonly-owned resource, such as public grazing land or fishing waters.

Transaction Costs

Costs associated with buying or selling goods and services that are not included in the money prices of those goods and services. Examples include obtaining information on prices and product quality, searching for sellers, and bargaining costs.

Transfer Payments

Money collected by the government from one group and given to others. Examples include Social Security benefits, unemployment insurance payments and agricultural subsidies.

Transition Economy

An economy that is moving from one economic system to another. The term usually refers to the movement from a planned economic system into a competitive market system.


In a business cycle, a low level of output and employment, normally followed by a rise in output and employment.

Truth in Lending Act

A federal law that requires creditors to disclose finance charges and interest rates in a standard, uniform manner.

Types of Unemployment

Their are varying types and degrees of unemployment. Cyclical unemployment occurs with downturns in the economy and evaporates when the economy rebounds. Frictional unemployment details people who are unemployed while transitioning between jobs. Structural unemployment deals with an offset of skilled workers and available jobs. Seasonal unemployment is another situation in which skilled workers are mismatched with the number of jobs. Hidden unemployment the unemployment of potential workers, which is not reflected in official statistics. Hardcore unemployment describes persons who may be unemployable due to physical or mental incapacitation.