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REGRESSIVE TAX: A tax in which people with more income pay a smaller percentage in taxes. A regressive tax is given by this example--You earn $10,000 a year and your boss gets $20,000. You pay $2,000 in taxes (20 percent) while your boss also pays $2,000 in taxes (10 percent). Examples of regressive taxes abound (is this surprising given the political clout of the wealthy?), including sales tax, excise tax, and Social Security tax.

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Lesson 5: Market Demand | Unit 2: Law of Demand Page: 8 of 20

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  • The law of demand, which is a fundamental economic principle stating that demand price and quantity demanded are inversely related, ceteris paribus.
  • Ceteris paribus, a Latin term meaning that other things remain unchanged. It is used to control for factors other than price, that affect demand.
  • Why the law of demand works because of the income and substitution effects.
  • The income effect, which exists because price changes affect the purchasing power of buyers' given incomes.
  • The substitution effect, which exists because price changes make other goods relatively more or less expensive.


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AVERAGE FACTOR COST, MONOPSONY

Total factor cost per unit of factor input employed by a monopsony in the production of output, found by dividing total factor cost by the quantity of factor input. Average factor cost, abbreviated AFC, is generally equal to the factor price. However, using the longer term average factor cost makes it easier to see the connection to related terms, including total factor cost and marginal factor cost.

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Today, you are likely to spend a great deal of time lost in your local discount super center hoping to buy either a T-shirt commemorating the 2000 Presidential election or a really, really exciting, action-filled video game. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
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