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BENEFIT PRINCIPLE: A principle of taxation in which taxes are based on the benefits received by people using the good financed with the tax. The benefit principle is often difficult to implement because by their very nature, many government produced goods (public goods) do not have easily measured benefits. But in those cases where benefits are identifiable, government is not shy about establishing taxes, fees, or charges in accordance with the benefit principle. Public college tuition, national park admission fees, and gasoline excise taxes are three common examples. The beneficiaries of education, a wilderness experience, and highway use are asked (required) to pay accordingly.

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Lesson 1: Economic Basics | Unit 4: Goals Page: 12 of 18

Topic: Tradeoffs <=PAGE BACK | PAGE NEXT=>

Pursuing one goal is usually at the expense of another, we have tradeoffs.

Three reasons for tradeoffs:

  • First, resources used to pursue one goal cannot be used to pursue another.
  • Second, actions that move us toward one goal can move us away from another.
  • Third, pursuing a goal may be good for some, but bad for others.
A thought:
  • Economists are inclined to stress efficiency more than others--but efficiency is only one of several goals.

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ALLOCATIVE EFFICIENCY

Obtaining the most consumer satisfaction from available resources. In other words, resources are allocated in such a way that consumer satisfaction is at its highest possible level. This is also termed either efficiency or economic efficiency.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors seeking to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for slow moving vehicles with darkened windows.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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