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AD VALOREM TAX: A tax that is specified as a percentage of value. Sales, income, and property taxes are three of the more popular ad valorem taxes devised by government. The total ad valorem tax paid increases with the value of what's being taxed.

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Lesson 9: Consumer Demand | Unit 3: Marginal Utility Page: 13 of 22

Topic: Getting Satisfied <=PAGE BACK | PAGE NEXT=>

An explanation to understand the law of diminishing marginal utility:

  • The key terms here are satisfaction and fulfillment.

  • The first hour fills Edgar's beach frolicking void somewhat, but not completely.

  • The third and fourth hours at the beach also add to Edgar's total enjoyment, but not as much as the first and second.

  • Eventually, with the sixth or seventh hour, Edgar's beach merriment want (or need) has been totally satiated.

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TAX EFFECTS

The primary reason that governments collect taxes from members of society is to finance government operations and provide public goods. However, taxes also create disincentives to engage in the taxed activity, which causes a change in the allocation of resources. This two consequences of taxes are summarized in two essential tax effects -- the revenue effect and the allocation effect. While all taxes have both, the key to effective government is minimize the allocation effect if the goal is to generate revenue and to minimize the revenue effect if the goal is to change the allocation of resources.

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APLS

ORANGE REBELOON
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Today, you are likely to spend a great deal of time going from convenience store to convenience store seeking to buy either several magazines on fashion design or a package of 3 by 5 index cards, the ones without lines. Be on the lookout for crowded shopping malls.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
"All things are difficult before they are easy."

-- Thomas Fuller, Physician

CBI
Confederation of British Industry
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