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DEMAND ELASTICITY AND TOTAL EXPENDITURE: The notion that price-induced changes in total expenditure for a good (price times quantity) depends on the relative price elasticity of demand. In particular, for relatively elastic demand (1 < E < ∞) changes in price cause total expenditure to change in the opposite direction. An increase in price causes total expenditure to fall and a decrease in price causes total expenditure to rise. For relatively inelastic demand (0 < E < 1) changes in price cause total expenditure to change in the same direction. An increase in price causes total expenditure to rise and a decrease in price causes total expenditure to fall. For unit elastic demand (E =1) price changes do not cause any change in total expenditure. Total expenditure is the same whether price increases or decreases.

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PUBLIC FINANCE: The study of how the government (or public) sector pays for (or finances) expenditures through taxes and borrowing. Governments produce or provide valuable goods and services, such as education, security, and transportation. They pay for these goods by collecting taxes or, if taxes fall short, by borrowing through the financial markets. Public finance adapts and applies the fundamental microeconomic theory of markets to the public sector and government activity. In particular, this area of study analyzes the efficiency of taxes and the market failure of public goods. Public finance is also key to the study of government stabilization policies that address the inflation and unemployment problems of business cycles. In particular, fiscal policy is the manipulation of government expenditures and taxes to stabilize the business cycle.

     See also | government | government sector | public sector | government purchases | taxes | fiscal policy | market failures | government functions | inflation | unemployment | business cycles |


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PERSONAL TAXES

The common term for the portion of personal income used to pay personal tax and nontax payments. Personal tax and nontax payments is the official item in the National Income and Product Accounts maintained by the Bureau of Economics Analysis measuring the personal income taxes paid to the government sector on personal income received by the household sector. Personal tax and nontax payments are subtracted from personal income (PI) to calculate disposable income (DI). Personal tax and nontax payments are about 15 percent of personal income and about 13 percent of gross domestic product.

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