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Wage
The fixed regular payment, typically calculated on an hourly, daily, or piecework basis, made by an employer to an employee for their labor or services.
Deadweight Loss
A cost to society created by market inefficiency, which occurs when supply and demand are out of equilibrium.
Excise Tax
A tax imposed on specific goods, such as tobacco and alcohol, typically to discourage their consumption or generate revenue.
Tax Revenue
The revenue collected by governments from taxes.
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