Examlex
Please define the following key terms. Show Who? What? Where? When? Why Important?
-Henri Bergson
Tax
A mandatory monetary contribution or different sort of tax levied on a taxpayer by a government entity to finance government expenditure and assorted public costs.
Deadweight Loss
The loss of economic efficiency that can occur when the equilibrium for a good or service is not achieved or is distorted.
Equilibrium
An economic situation in which no individual would be better off doing something different.
Perfectly Inelastic
A situation where the demand or supply for a good is completely unresponsive to changes in price.
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