Please Define the Following Key Terms

question 35

Short Answer

Please define the following key terms.
-Circus Maximus

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Definitions:

Buyers Pay

The principle where the purchaser of a good or service is responsible for paying any tax or additional cost associated with its purchase.

Tax Burden

The total amount of tax paid by individuals or businesses, often expressed as a percentage of income or economic output.

Tax Imposed

A compulsory financial charge or some other type of levy placed upon a taxpayer by a governmental organization.

Less Elastic

Describes a situation where the demand or supply for a good or service is less responsive to changes in price.