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GOVERNMENT INTERVENTION: Actions on the part of government that affect economic activity, resource allocation, and especially the voluntary decisions made through normal market exchanges. Government, by its very nature, is designed to intervene in voluntary market activity. Some of the more common types of government intervention includes taxes, price controls, assorted regulations, and control over government spending. The general justification for government intervention is that voluntary decisions by consumers and businesses fail to achieve efficiency or other goals deemed important by society.
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TAX INCIDENCE: The ultimate payment of a tax. Many taxes are initially paid by one person, but passed along through production and consumption activities until it finally reaches someone else. An obvious example is the sales tax. While officially paid by the retail store (they write the check to the government), it's tacked on to the prices paid by consumers. Consumers, thus, bear the lion's share of most sales taxes. The incidence of other taxes is not quite so obvious. Some taxes are paid by producers early in production such as severance taxes on oil extraction without the knowledge of consumers, who end up paying through higher prices. As a general rule taxes are passed through the system until they reach someone (usually consumers) who can pass it no further. See also | tax | production | consumption | demand price | supply price | sales tax | severance tax |
Recommended Citation:TAX INCIDENCE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2026. [Accessed: September 10, 2026].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: tax incidence
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EXCESS SUPPLY A disequilibrium condition in a competitive market in which the quantity supplied is greater than the quantity demanded. Excess supply is another way to say surplus. It also goes by the common term of buyers' market. Excess supply is one of two disequilibrium states of the market. The other is excess demand (or shortage).
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Today, you are likely to spend a great deal of time at an auction seeking to buy either storage boxes for your winter clothes or several magazines on time travel. Be on the lookout for slightly overweight pizza delivery guys.
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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