3 Tutorials that teach Tax/Subsidy
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Author: Colton Cranston
This lesson covers tax and subsidy.
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Introduction to Psychology

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Notes on "Tax/Subsidy"

Key Terms

  • Tax
  • An additional cost of supply or purchase levied to alter consumer behavior and/or increase government revenue.
  • Subsidy
  • Sum paid (typically by a government entity) to either suppliers or consumers to assist in the production or purchase of a good or service.
  • Tax Incidence
  • The economic "burden" of a tax
  • Elasticity
  • Measurement of change in quantity demanded (supplied) which indicates the sensitivity of one variable to characteristics of another variable or income.