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Economics 1.2.9
Economics- Edexcel 1.2.9
| Term | Definition |
|---|---|
| indirect tax | tax imposed by the government that increases the supply costs of producers |
| types of indirect tax | specific and ad valorem taxes |
| specific tax | a set tax per unit, that causes a parallel shift in the supply curve |
| ad valorem tax | an indirect tax based on a percentage of the sales price of a good or service, that causes a pivotal shift in the supply curve |
| regressive tax | a tax imposed by a government which takes a higher percentage of someone's income from those on low incomes |
| VAT | stands for value added tax and is an ad valorem tax, usually 20% in the UK |
| insurance premium tax | a tax on general insurance premium, with 2 rate bands 9.5 and 20% |
| tariff | a tax imposed by a government on goods and services imported from other countries that serves to increase the price and make imports less desirable, or at least less competitive, versus domestic goods and services |
| subsidy | any form of government support(financial or otherwise) offered to producers and sometimes consumers that doesn’t have to be repaid |
| total government spending on the subsidy | is the same as the subsidy per unit multiplied by output |
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jessharris
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