What Is Meritocracy? What Part Does It Play in Class

question 49

Short Answer

What is meritocracy? What part does it play in class systems?

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Definitions:

Tax Incidence

The analysis of the effect of a particular tax on the distribution of economic welfare among entities like consumers, producers, and the government.

Supply Curve

A graph showing the relationship between the quantity of goods that producers are willing to sell and the price of those goods.

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.