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Unformatted text preview: Affects of Taxes on supply and demand Important Terms: Demand Supply Comparative Advantage Absolute Advantage Changes in AMT Dem/Sup vs Changes in Dem/Sup Consumer Surplus Producer Surplus Economic Surplus Command Economy Market Economy Production Possibilities Positive Economics Normative Economics Opportunity Cost Consumer Sovereignty 4 types of resources Inferior Goods Equilibrium Price Ceiling/Floor Dead Weight Loss Externalities Social cost Private cost Public Goods Rivalry Excludability Free riding Total Revenue Substitutes Compliments of Consumption Compliments of Production...
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This note was uploaded on 02/26/2008 for the course ECO 001 taught by Professor Gunter during the Fall '06 term at Lehigh University .
- Fall '06
- Comparative Advantage