Fill in the Following Table

question 52

Essay

Fill in the following table.

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Definitions:

Black Market

Illegal trade of goods and services, beyond government control, where transactions typically occur “under the table” to avoid taxes or regulations.

Illegal Goods

Products or services whose production, sale, or possession is prohibited by law.

Legal System

A legal system encompasses the rules, statutes, and regulations instituted by a government to regulate behaviors, enforce rights, and resolve disputes.

Incidence of Tax

The analysis of who bears the economic burden of a tax, considering how the tax affects the distribution of economic welfare.