Examlex
What impact can policy analysis have on policymaking?
Law of Demand
The economic principle that, all else being equal, there is an inverse relationship between the price of a good and the quantity demanded.
Other-Things-Equal Assumption
The assumption that factors other than those being considered are held constant. Also known as the ceteris paribus assumption.
Supply
The total amount of a specific good or service that is available to consumers at current prices.
Excise Tax
A tax imposed on specific goods, services, or activities, such as tobacco, alcohol, and fuel, usually intended to discourage their use or generate revenue.
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