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TAX EVASION: An illegal reduction in taxes. Tax evasion occurs when someone fails to pay their legal taxes. This is the sort of thing that leads to a prison sentence. Ethical considerations aside, it is also the sort of thing that's likely to happen if tax rates are high or unpopular.
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Lesson Contents
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Unit 1: Buying Basics |
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Unit 2: Law of Demand |
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Unit 3: Demand Curve |
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Unit 4: Determinants |
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Unit 5: Scarcity |
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Unit 6:
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Demand
This lesson on demand offers a little insight into the purchases of a wide range of goods. In fact, this demand topic is does more than offer insight into buying behavior. It's also one half of the market analysis -- the other half being supply. And market analysis is one of the most widely used tools in the study of economics. Economists explain a lot of economic phenomenon using markets. But to use markets, we need demand. And that brings us back to this lesson. - In the first unit of this lesson we examine the basic concept of demand. While you've likely come across the term demand before, we'll see the specific way the term is used in economics.
- The second unit then takes a look at the law of demand, which is one of the most important and most fundamental economic principles that we'll encounter.
- As we more on to the third unit, our attention turns to the demand curve, which is the graphical embodiment of the demand concept.
- In the fourth unit, we examine how the five basic demand determinants cause the demand curve to shift from one location to another.
- And finally in the fifth unit, we make a connection between demand and the fundamental problem of scarcity.
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INFORMATION The transfer of knowledge from one person to another. Information is a flow concept. It requires someone (or something) to do the sending and someone to do the receiving. Information is a valuable commodity that provides benefits, but also incurs an opportunity cost to produce, meaning information is never perfect or complete. The existence of asymmetric information (some have more information than others) gives rise to the problems of adverse selection, moral hazard, and the principal-agent problem.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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"Don't be afraid if things seem difficult in the beginning. That's only the initial impression. The important thing is not to retreat; you have to master yourself." -- Olga Korbut, Gymnast
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MSE
Mean Squared Error
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