Set: Econ: Chapter 8
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All 2 Terms
| | Term | Definition |
|---|---|---|
| |
Tax | Raises the price buyers pay and lowers the price sellers recieve; causes the size of the market to shrink. |
| |
Deadweight Loss | The fall in total surplus that results when a tax (or some other policy) distorts a market outcome. |
Set Information
| Terms | 2 |
| Creator | mterrien |
| Created | October 14, 2007 |
| Group | AP Economics Vocab |
| Tags | None |
| Access | Anyone |
| Edit | Creator Only |
Description
Vocab for chapter 8: Taxation