Examlex
Explain what effect a reduction in future expected output will have on the IS curve and LM curve in the current period.
Payroll Tax
Duties levied on employees or the companies that employ them, computed as a percentage of the remuneration the employees are given.
Wages
The fixed regular payment, typically calculated on an hourly, daily, or piecework basis, made by an employer to an employee, especially to manual or unskilled workers.
Tax Burden
The total amount of tax paid by individuals or businesses, often expressed as a percentage of income or GDP.
Inelastic
Refers to a condition where the demand for a product or service changes very little when there is a change in its price.
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