Compare and Contrast the Permanent File and the Current File

question 71

Essay

Compare and contrast the permanent file and the current file.Provide at least three examples of the types of documentation found in each.

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Definitions:

Consumer Surplus

The separation between the ideal amount consumers are willing to spend on a service or product and their real expenditures.

Producer Surplus

The discrepancy between what producers are ready to take for a product or service and the real amount they get.

Tax

A required contribution or another kind of monetary levy imposed by a government body on a taxpayer to underpin government expenditure and different public spending initiatives.

Deadweight Loss

Deadweight loss refers to the loss in economic efficiency that occurs when the equilibrium for a good or service is not achieved or is unattainable.