Examlex
What is the term for the fundamental shift in responsibility for policy, programs, and financial aid from the federal government to the states and municipalities?
Elastic
Describes the sensitivity of demand or supply for a good or service to changes in its price, with higher elasticity indicating greater sensitivity.
Tax Burden
The total amount of taxes imposed on an individual, company, or economic sector by the government, often expressed as a percentage of income or GDP.
Slightly Elastic
Refers to a situation where a small change in price leads to a relatively small change in the quantity demanded or supplied.
Very Inelastic
Describes a situation where demand or supply hardly changes in response to changes in price.
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