What Does This Diagram Represent

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What does this diagram represent?

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Definitions:

Economic Decisions

Choices made by individuals, households, or governments regarding allocation of resources and distribution of goods and services.

Excess Burden

The cost to society created by market inefficiency, which can occur through such things as government intervention in the market or taxes that distort market outcomes.

Tax Revenue

The money collected by a government from its citizens and businesses through various forms of taxation.

Property Tax

A levy on property that the owner is required to pay, often based on the value of the property.