Write two sentences to explain what taxes are.

Taxes support the economy because they provide funds to the government so it can pay for new highways and public buildings. The government can pay public employees, teachers, the army, social services and many other things with our taxes.

Explanation:

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A "tax" is money that the government collects within its borders in order to pay for everything that government does. Today is the day when Americans are supposed to have sent in their income taxes, we work for money, or an "income," and the government takes a portion of this as a tax.

Explanation:

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levels of production can be increased by technology while holding labor and capital constant, because increased technology makes the production process more efficient. subsequently, the lras curve is almost a vertical line, that can shift to the right, with an increase in technology.

the relationship between the lras curve and the ppc is that both can make the economy could grow. the ppc achieves that when it shifts outward because of more resources or technological advances while the lras curve shifts if more resources are developed or if there are technological advances.

the lras curve is a vertical line at an output level that represents the number of goods and services a nation can produce over a sustained period using all of its productive resources as efficiently as possible with all of the current technology available to it.

the production possibilities frontier (ppf) is a graphical device that is used for economic analysis of production decisions because the ppf measures the maximum possible combinations of two goods that an economy is capable of producing with its currently available resources and technology.

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