What Are Electronic Payments? How Do They Reduce Transaction Costs

question 26

Essay

What are electronic payments? how do they reduce transaction costs? by how much?

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Definitions:

Personal Income Tax

a tax levied on individuals or households based on their total annual income, with the tax rate typically increasing as income increases.

Sales And Excise Taxes

Taxes imposed on the sale of goods and services (sales tax) and specific goods like gasoline, cigarettes, and alcohol (excise taxes), typically used to generate revenue for governments.

Commodity Taxes

Taxes imposed on goods, often based on their value or quantity, used by governments to generate revenue or influence market prices.

Purchases

The act of buying goods or services, involving the transfer of money or other forms of payment from buyer to seller.