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AD-AS MODEL: An economic model relating the price level and real production that is used to analyze business cycles, gross domestic product, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The AS-AD model, inspired by the standard market model, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers).

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Lesson 11: Elasticity Basics | Unit 2: A Little More Page: 8 of 25

Topic: Why Study: Taxes <=PAGE BACK | PAGE NEXT=>

  • Governments levy taxes for two reasons:

    1. Revenue Generation: To collect the revenue needed to operate and to provide public goods.
    2. Resource Allocation: To change the allocation of resources and to alter the production and consumption of specific goods.

  • Elasticity determines how effectively a tax achieves it's desired goal.

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AD VALOREM TAX

A tax specified as a percentage of the price or value of a good, service, asset, or other activity. Ad valorem taxes tend to be broad based, imposed on activities such as income and retail sales. In fact, the two most important ad valorem taxes are income taxes and sales taxes. People pay a percentage of their incomes in income taxes or a percentage or the value of their purchases in sales taxes, regardless of the amount of time spent working or the quantities of goods purchases. An alternative is a per unit tax, with is a tax specified as a percentage of the physical quantity of a good.

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APLS

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Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either a T-shirt commemorating the first day of winter or software that won't crash your computer. Be on the lookout for pencil sharpeners with an attitude.
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Lombard Street is London's equivalent of New York's Wall Street.
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International Trade Organization
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