4. Wealth is a relative concept; this is not to say that an impoverished individual who lacks basic necessities such as food, shelter, potable water and medical supplies can be considered "wealthy" by any culture's terms (and for purposes of this note, wealth will only be meant to communicate its financial meaning). However, relative wealth when compared to other members of one's neighborhood, community, family, or even culture is a highly qualitative term, subject to many influencing factors. The conception of wealth in nations across the globe illustrates the ways in which culture and physical situations impact our conception of wealth. In industrialized nations like the United States and Norway, wealth is something which has a very constructed nature-in the United States, a millionaire or financially stable business owner might be considered wealthy by his peers; in Norway, as in much of "old" Europe, an individual with a history of family wealth and an established name and inheritance might be considered similarly wealthy. In developing nations like India, someone with a stable job or with potential to advance in their employment position (for example, by learning English or a technical trade) could be considered wealthy. Even common amenities for industrialized nations, such as an automobile or cellular phone, can be considered status symbols in a developing economy. And in an impoverished nation like Niger, an individual with access to basic foodstuffs, for example, a farmer who grows his own crops or an individual who owns animals that produce meat and dairy, might be considered wealthy by villagers who have no such source of reliable food and basic necessities.

An example of a progressive tax is the standard income tax system, especially prior to reforms during the 1990s, when the tax brackets were lowered and maximum caps were set at nearly half their previous percentage. A progressive tax requires that individuals with more wealth pay a higher percentage of their income in taxes; the tax system of the 1980s taxed the wealthiest individuals at a rate of up to 70%, significantly higher than that paid by lower income taxpayers. Progressive taxes create more revenue for the government while potentially saving money on entitlement programs needed by impoverished individuals, which makes them immediately more attractive than regressive taxes, which take money away from the poorer citizens to fund many of the programs utilized by these individuals.

3. We expect a market, when left alone, to achieve equilibrium because of the way that we assume supply and demand balance one another out. A higher supply will reduce demand, and more demand will lessen the supply of an available product. However, despite the basic relationship that these factors provide regarding the market for a product, there are other factors involved in shaping each of these criteria. For example, cultural influences-like the pre-Christmas crazes for certain toys or items-can have an affect on demand, without taking into account the supply of an item. Conversely, supplies of certain products may be plentiful without having established a significant demand for them.

4. In most ways, wealth is a very relativ

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