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9 Cards in this Set
- Front
- Back
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Opportunity cost |
The loss of potential gain from other alternatives when one alternative is chosen |
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Laissez Fair |
A policy or attitude of letting things take their own course without interfering |
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Ceteris paribus |
With other conditions remaining the same |
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Production possibility cost |
is a graph that shows the maximum number of possible units a company can produce if it only produces two products using all its resources efficiently |
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Excise tax |
a legislated tax on specific goods or services at purchase such as fuel tobacco and alcohol excise taxes are international taxes imposed within a government infrastructure rather than international taxes and post a cross country borders a federal excise tax is usually collected from motor fuel cells airline tickets tobacco and other goods and services |
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Excise tax |
sales taxes imposed on specific goods and services such taxes not only discourage production and consumption of these goods by raising the price and thereby reducing the quantity demand they also raise a substantial amount of revenue |
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Progressive |
The higher the income the higher the taxes |
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Proportional |
Also referred to as flat tax system, assesses the same tax rate on everyone regardless of income or wealth. It's meant to create equality between marginal tax rate and average tax rates paid. |
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Regressive taxes |
low income individuals pay a higher amount of their incomes in taxes compared to high-income earners under a regressive tax system because it's government assesses tax as a percentage of the value of the asset that a taxpayer purchases or owns |
