Incentive to Own and Operate Businesses Is High in Nations

question 25

True/False

Incentive to own and operate businesses is high in nations whose governments are proponents of socialistic practices.

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Definitions:

Tax Burden

The total amount of taxes that individuals or businesses must pay to the government.

Inelastic Demand

A market condition where the demand for a product does not change significantly with a change in its price.

Elastic Supply

A scenario in which the amount of a product available for sale markedly changes in response to its price adjustments.

Social Security Tax

A tax levied on both employers and employees to fund the Social Security program, which provides benefits to retirees, disabled workers, and survivors of deceased workers.