What Are Some of the Intangible Benefits That May Be

question 89

Essay

What are some of the intangible benefits that may be expected from the new system? Discuss their importance and why they are difficult to value.

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Definitions:

Elastic Supply

The situation where the quantiry supplied of a good is sensitive to changes in its price.

Subsidy Benefit

Financial assistance granted by the government or a public body to support businesses, industries, or individuals, leading to lower costs or more favorable conditions.

Marginal Tax Rate

The rate at which the last dollar of taxpayers' income is taxed, indicating how much tax will be paid on an additional dollar of income.

Tax Liability

The total amount of tax owed to the government by an individual, corporation, or other entity for a given period.