Page 10-34.docx

1 Page
Unlock Document

University of Toronto Scarborough
Economics for Management Studies
Ted Petit

Oct 1. 2010 Page 10-34 Revenue Taxes – Taxes whose main purpose is to fund government services and programs Progressive Revenue Taxes – Taxes levied at a higher rate on higher-income taxpayers and at a lower rate on lower-income taxpayers Regressive Revenue Taxes – Taxes that cause poorer people to pay a high percentage of income than richer people say Restrictive Taxes – Taxes levied to control certain activities that legislators believe should be controlled Demand – The willingness and ability of buyers to purchase a product or services Supply – The willingness and ability of produces to offer a good or services for sale Law of Demand – The principle that buyers will purchase (demand) more of a product as price drops Law of Supply - The principle that producers will offer (supply) more of a product as price rises Demand and Supply Schedule – Assessment of the relationship between different levels of demand and supply at different pr
More Less

Related notes for MGEB05H3

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.