What Are the Five Classics of Confucianism and What Concerns

question 48

Essay

What are the Five Classics of Confucianism and what concerns do they address?

---

Definitions:

Price of the Product

The financial cost of acquiring a good or service.

Buyer's Income

Buyer's Income is the total earnings or revenue available to consumers that influences their ability to purchase goods and services.

Burden of a Tax

The economic impact of a tax on the welfare of buyers and sellers, which can affect market behavior and economic efficiency.

Perfectly Elastic

A situation in economics where the quantity demanded or supplied changes by an infinite amount in response to any change in price.