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May 28, 2022 

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LAW OF COMPARATIVE ADVANTAGE: A basic principle that states every nation has a production activity that incurs a lower opportunity cost than that of another nation, which means that trade between the two nations can be beneficial to both if each specializes in the production of a good with lower relative opportunity cost. While this law is fundamental to the study of international trade, it also applies to other activities, especially the specialization and the division of labor.

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CONSUMPTION TAX: A tax on consumer's spending for goods, services and the other stuff they buy. One sort of consumption tax is the sales tax. Some politicians and balding, bespectacled economists argue that the current income tax system should be replaced with a consumption tax. This means any income that's saved wouldn't be taxed. The idea behind a consumption tax is to encourage saving, which is then used for investment, which then promotes economic growth. Such a tax would be easily implemented (you get a deduction for saving on the current income tax form), but it would tend to be a regressive tax hitting the poor harder than the wealthy.

     See also | consumption | tax | sales tax | income tax | saving | investment | economic growth | regressive tax |


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PRICE MAKER

A buyer or seller that possess sufficient market control to affect the price of the good. From the selling side of the market, a monopoly is the best example of a price maker. From the buying side of the market, a monopsony is also a price maker. This is one of two alternatives related to control over price. The other is price taker. Price maker is also termed price setter.

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