Examlex
What is compensation? Define direct financial,indirect financial and nonfinancial compensation.
Producer Surplus
The divergence between what producers are prepared to agree on for a sale of goods or services and the resultant financial gain.
Consumer Surplus
represents the difference between what consumers are willing to pay for a good or service and what they actually pay, indicating economic welfare.
Tax Revenue
The income generated by the government through the imposition of taxes on goods, services, income, and transactions.
Opportunity Costs
The cost of the next best alternative foregone when a decision is made to choose one option over another.
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