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TAX INCIDENCE: The ultimate payment of a tax. Many taxes are initially paid by one person, but passed along through production and consumption activities until it finally reaches someone else. An obvious example is the sales tax. While officially paid by the retail store (they write the check to the government), it's tacked on to the prices paid by consumers. Consumers, thus, bear the lion's share of most sales taxes. The incidence of other taxes is not quite so obvious. Some taxes are paid by producers early in production such as severance taxes on oil extraction without the knowledge of consumers, who end up paying through higher prices. As a general rule taxes are passed through the system until they reach someone (usually consumers) who can pass it no further.
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Lesson 10: Gross Domestic Product | Unit 1: Measuring Production
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Economists use numerical measurements to indicate the health and well-being of the economy.- Economic diagnosis relies on several indicators.
- Gross domestic product is the most comprehensive measure of the economy's production and one of the most basic measures of the economy's well-being.
- Gross domestic product, as well as other economic measures, are indicators of our economic health.
A GDP Definition:Gross domestic product (GDP) is the total market value of all final goods and services produced in the economy in a given period of time, usually one year. - The goal of GDP is to measure the total production of goods and services produced in the economy each year.
- A larger GDP means that we have more goods and services that can be used to satisfy our unlimited wants and needs.
- The chart presents recent numbers for GDP in the United States.
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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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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either storage boxes for your income tax returns or an AC adapter for your CD player. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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This isn't me! What am I?
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Two and a half gallons of oil are needed to produce one automobile tire.
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"Don't be distracted by criticism. Remember the only taste of success some people have is when they take a bite out of you." -- Zig Ziglar
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FILO
First In Last Out
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