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THREE QUESTIONS OF ALLOCATION: The three basic questions that an economy must answer because of limited resources and unlimited wants and needs are: What? How? and For Whom? The basic problem of scarcity requires every society to determine: What goods to produce? How to produce the goods? and Who receives the goods that are produced?

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Lesson 5: Demand | Unit 4: Determinants Page: 13 of 20

Topic: Ceteris Paribus Factors <=PAGE BACK | PAGE NEXT=>

Ceteris paribus is the notion that other things remain constant. We make this assumption because things other than price affect demand.
  • These other, ceteris paribus factors, give us useful analytical tools for examining demand and the market.
  • We can turn these factors off and on to better understand how the market works.
  • The ceteris paribus factors are called demand determinants.

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ABILITY-TO-PAY PRINCIPLE

A taxation principle stating that taxes should be based on the ability to pay taxes. The ability-to-pay principle works from the proposition that those who have the greatest income should pay the most taxes. The ability-to-pay principle is the only reasonable way to finance the provision of public goods such as national defense, public health, and environmental quality. This is one of two taxation principles. The other is the benefit principle, which states taxes should be based on the benefits received.

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GREEN LOGIGUIN
[What's This?]

Today, you are likely to spend a great deal of time driving to a factory outlet seeking to buy either a lazy Susan for you dining room table or a set of serrated steak knives, with durable plastic handles. Be on the lookout for attractive cable television service repair people.
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This isn't me! What am I?

It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
"If things are not going well with you, begin your effort at correcting the situation by carefully examining the service you are rendering, and especially the spirit in which you are rendering it."

-- Roger Babson, statistician and columnist

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European Monetary Union
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