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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 5: Market Demand | Unit 3: Demand Curve Page: 12 of 20

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  • How a demand schedule, which is a table of price/quantity numbers, can be used to illustrate demand and the law of demand.
  • How a demand curve can be derived from a demand schedule by plotting the price/quantity pairs, and how the negative slope of this demand curve also reflects the law of demand.
  • Demand space as the area beneath a demand curve and that the demand price on the demand curve is the upper limit of buyers' demand space.


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RISK PREMIUM

The difference between a guaranteed or certain income and a risky income that generate the same level of utility. Risk premium is the amount of income that a risk adverse person is willing to pay to avoid the risk. Alternatively, it is the amount of income that a risk loving person is willing to pay to engage in risk. For risk aversion, the risk premium is the amount a person would pay for insurance.

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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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One of the largest markets for gold in the United States is the manufacturing of class rings.
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