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LOCKOUT: A plant or factory that is closed temporarily, because it's owners are trying to gain a negotiating advantage over the employees' union. A lockout is commonly used by a company's management if they suspect the union is planning to strike. A lockout by management before the union strikes is much like a pre-emptive military attach that tries to hit the enemy hard, fast, and first.

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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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PER UNIT TAX

A tax specified as a percentage of the quantity of a good, service, asset, or other activity. Per unit taxes are often imposed on specific goods or markets. A common per unit tax is that levied on gasoline. People pay a given tax for each gallon of gasoline purchased, regardless of the price of gasoline. An alternative is an ad valorem tax, with is a tax specified as a percentage of the value or price of a good.

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Today, you are likely to spend a great deal of time at a crowded estate auction trying to buy either a handcrafted bird house or a weathervane with a chicken on top. Be on the lookout for crowded shopping malls.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
"If anything terrifies me, I must try to conquer it. "

-- Francis Charles Chichester, yachtsman, aviator

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