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December 12, 2018 

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REGRESSIVE TAX: A tax in which people with more income pay a smaller percentage in taxes. A regressive tax is given by this example--You earn $10,000 a year and your boss gets $20,000. You pay $2,000 in taxes (20 percent) while your boss also pays $2,000 in taxes (10 percent). Examples of regressive taxes abound (is this surprising given the political clout of the wealthy?), including sales tax, excise tax, and Social Security tax.

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Lesson Contents
Unit 1: Selling Basics
  • The Concept
  • Supply Price
  • Quantity Supplied
  • Unit 1 Summary
  • Unit 2: Law of Supply
  • Definition
  • Production Cost
  • Unit 2 Summary
  • Unit 3: Supply Curve
  • Schedule
  • Curve
  • Space
  • Unit 3 Summary
  • Unit 4: Determinants
  • Ceteris Paribus Factors
  • Shifters: Increase
  • Shifters: Decrease
  • Types
  • Ch..Ch..Changes
  • Unit 4 Summary
  • Unit 5: Scarcity
  • Limited Resources
  • Unit 5 Summary
  • Unit 6:
  • Unit 6 Summary
  • Course Home
    Supply

    This supply lesson provides an introduction into selling a wide range of goods. In fact, this supply topic does more than offer insight into selling behavior. It's also the second half of the market analysis -- the first half being demand. And to reiterate what I noted during the demand lesson, market analysis is one of the most widely used tools in the study of economics that can be used to explain a lot of economic phenomenon. Of course to use markets, we need both demand and supply. And supply part is our current lesson.

    • The first unit of this lesson introduces the basic concept of supply and a few related terms such as supply price and quantity supplied.
    • In the second unit then we move into a discussion of the law of supply, which captures the basic relation between supply price and quantity supplied.
    • The third unit then develops the supply curve, which is the graphical embodiment of the supply concept.
    • Moving onto the fourth unit, we examine how the five basic supply determinants cause the supply curve to shift from one location to another.
    • And in the fifth and final unit, we make a connection between supply and the limited resources part of scarcity.

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    CARTEL

    A formal agreement between businesses in the same industry, usually on an international scale, to gain market control, raise the market price, and otherwise act like a monopoly. The most famous international cartel is the Organization of Petroleum Exporting Countries (OPEC), which seeks to exert control over the world oil market. Other cartels have existed, or still exist, in the global markets for uranium, diamonds, long distance telephone services, and airlines.

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    APLS

    BEIGE MUNDORTLE
    [What's This?]

    Today, you are likely to spend a great deal of time going from convenience store to convenience store seeking to buy either a set of luggage with wheels or a birthday gift for your aunt. Be on the lookout for fairy dust that tastes like salt.
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    This isn't me! What am I?

    The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
    "Defeat is simply a signal to press onward."

    -- Helen Keller, lecturer, author

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    Cash on Delivery
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