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The most important feature of the Single European Act of 1986, which amended the founding Treaty of Rome, was dropping the requirement of
Elastic Supply
Refers to a situation where the quantity of a good supplied by producers changes significantly in response to a change in price.
Elasticities
A measure in economics that shows how much the quantity demanded or supplied of a good responds to changes in price, income, or other factors.
Tax Burden
The measure of taxes that an individual or business must bear, often expressed as a percentage of income or profit.
Legal Assignment
The transfer of a property right or title to some particular benefit, usually from one party to another, under the terms of a legal agreement.
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