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INDIRECT BUSINESS TAXES: The official entry in the National Income and Product Accounts maintained by the Bureau of Economic Analysis for sales taxes. Indirect business taxes are one key difference between national income (the resource cost of production) and gross/net domestic product (the market value of production). For further discussion of this point, see gross domestic product and national income or net domestic product and national income. Indirect business taxes, abbreviated IBT, is generally less than 10% of gross domestic product (7-8% is common).

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Lesson 8: Market Shocks | Unit 3: Single Shifts Page: 10 of 20

Topic: More Supply <=PAGE BACK | PAGE NEXT=>

The six steps for an increase in supply:
  • A determinant changes. The price of ice cream, a key resource input for hot fudge sundaes, declines.
  • A curve to shifts. The supply curve for hot fudge sundaes shifts rightward.
  • A shortage or a surplus occurs. The increase in supply causes a surplus of hot fudge sundaes.
  • The price changes. The price of hot fudge sundaes goes down.
  • The quantities demanded and supplied change. The quantity supplied for hot fudge sundaes decreases while their quantity demand is increased.
  • The market imbalance is eliminated and equilibrium is restored. The surplus of hot fudge sundaes is eliminated. The price is lower and the quantity exchanged is more.

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NUMBER OF SELLERS, SUPPLY DETERMINANT

The number of sellers willing and able to sell a good, which is assumed constant when a supply curve is constructed. The number of sellers is one of five supply determinants that shift the supply curve when they change. The other four are resource prices, production technology, other prices, and sellers' expectations.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either a turbo-powered vacuum cleaner or a battery-powered, rechargeable vacuum cleaner. Be on the lookout for the last item on a shelf.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

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