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REVENUE EFFECT: The goal of imposing taxes to generate revenue used to finance the operation of government, most notably to finance the provision of public goods. This is one of two reasons, and the primary reason, that governments impose taxes. The other reason is the allocation effect. Governments work the revenue effect because they need access to income and resources to build highways, defend the nation, educate the population, and maintain the legal system. They purchase these resources with tax revenue generated through the revenue effect.
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Lesson 9: Consumer Demand | Unit 1: Demand Theory
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Page: 5 of 22
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In this unit, you should have learned about:- Consumer demand theory as the analysis of decisions involving the purchase of goods.
- How understanding a decision like spending the day at the beach provides insight into market demand.
- Utility as the satisfaction of wants and needs and the role it plays in understanding demand.
- Why utility is not synonymous with the term useful.
- The inability to measure and compare utility.
- Utility as the willingness aspect of demand, and income as the ability aspect.
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PRIVATE PROPERTY An economic institution in which goods, resources, commodities, or other assets (property) are owned and controlled by households and businesses (the private sector) rather than government (the public sector). Private property is a key institution, along with individual freedom and competitive markets, that helps to form the structure of capitalism.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs looking to buy either a genuine down-filled comforter or a 200-foot blue garden hose. Be on the lookout for high interest rates.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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Exports;Marks the Spot
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