price ceiling vs. price floor
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price ceiling: legal max on the price at which a good can be sold
price floor: legal min on the price at which a good can be sold
fiscal policy
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- can use supply and demand to analyze the impact of fiscal policy
- taxation and government spending (e.g. g/s which taxes are spent on) are
big components
, tax incidence
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manner in which the burden of a tax is shared among participants in the
market
macroeconomics (micro vs. macro)
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concentrates on overall performance of economy (e.g. GDP,
unemployment, inflation)
- micro is individual economic units
- macro is overall picture of economy (e.g. geographical areas and things
that occur in these markets)
inferior good
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(ceteris peribus) a good where an increase in income leads to a decrease
in demand
Laffer Curve
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price ceiling: legal max on the price at which a good can be sold
price floor: legal min on the price at which a good can be sold
fiscal policy
Give this one a try later!
- can use supply and demand to analyze the impact of fiscal policy
- taxation and government spending (e.g. g/s which taxes are spent on) are
big components
, tax incidence
Give this one a try later!
manner in which the burden of a tax is shared among participants in the
market
macroeconomics (micro vs. macro)
Give this one a try later!
concentrates on overall performance of economy (e.g. GDP,
unemployment, inflation)
- micro is individual economic units
- macro is overall picture of economy (e.g. geographical areas and things
that occur in these markets)
inferior good
Give this one a try later!
(ceteris peribus) a good where an increase in income leads to a decrease
in demand
Laffer Curve
Give this one a try later!
