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Supply And Demand Theory
A basic economic principle that describes how the quantity of goods provided by producers and the quantity desired by consumers affect the market price and allocation of resources.
Sales Tax
A tax imposed by a government on sales of goods and services, typically calculated as a percentage of the purchase price.
Burden
In an economic context, this refers to the impact of a tax or other financial obligation on the parties involved, often measured in terms of how it affects their wealth or consumption.
Demand Function
A mathematical representation showing the relationship between the quantity demanded of a good and its price, along with other factors like income and prices of related goods.
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