Where Is the Majority of the World's Current Economic Activity

question 93

Essay

Where is the majority of the world's current economic activity conducted?

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Definitions:

Externalities

Costs or benefits that result from an activity or transaction and affect others who did not choose to incur that cost or benefit.

Demand Elasticities

Measures the responsiveness of demand for a good or service to changes in its price or other factors.

Tax Incidence

The analysis of the effect of a particular tax on the distribution of economic welfare.

Specific Excise Taxes

Taxes imposed on a particular good or service, charged by quantity rather than value, such as per gallon or per pack.