Public Revenue The income of government from all the sources is called Public Revenue. ●Canons of Taxation : Adam Smith’s canon of taxation: 1. Canon of Equality: According to this canon‚ every person have to pay tax according to their ‘ability to pay’. It simply doesn’t mean that all person have to pay equal amount of tax. It simple means‚ if a person is rich i.e.‚ his paying ability is high‚ he will pay high tax whereas if a person is poor‚ i.e. his paying ability is low‚ he will pay less
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Monopolistic Competition are fast foods outlets. (Lecture notes‚ Market Structures) Another market structure that needs to be compared with Oligopoly is Monopoly. Is found on the far end of (PC). The definition of a Monopoly is that of a single producer which makes products that have no close substitutes. (Lecture notes‚ Market Structures) A Monopolist uses Price Discrimination and separates markets and consumers in various ways so as to profit maximize.
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supply Understanding a shift Since market tend toward equilibrium‚ a change in supply will set market force in motion that lead the market to a new equilibrium price and quantity sold Excess Supply A surplus is a situation in which quantity supplied is greater than quantity demanded. If a surplus occurs‚ produces reduce prices to sell their products. This creates new market Equilibrium A Fall in Supply The exact opposite will occur when supply is decreased. As
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agribusiness enterprises and improve the productivity of agribusiness value chain in agricultural industry and also in my country. Also I plan to apply acquired knowledge and practical skills from TAMU to up-scale agribusiness management‚ farmer producer organizations and groups‚ agribusiness supply chain management and improve agribusiness marketing of processed commodities and small business enterprise development. To be involved in international research‚ outreach programs and teaching in various
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poultry and egg exports. Foreign dairy‚ poultry and egg producers and processors will benefit over time from increased duty-free access to the United States and all other TPP countries. There are several arguments pointing at the potential risks linked to the implementation of
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along the supply curve‚ factors affecting supply^ The Law of Supply^- The law of supply communicates that sum supplied is related to cost. It is routinely depicted as direct with respect to esteem: the higher the expense of the thing‚ the more the producer will supply. The law of investment is normally portrayed as an issue association of sum asked for and esteem: the higher the expense of the thing‚ the less the client will ask for‚ cet. standard. Everything else that could impact supply or enthusiasm
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Demand | Is the willingness and ability to purchase a product at the prevailing price in a given time period. | Consumer surplus | Occurs when consumers pay less than they would have been willing to pay. | Supply | Is the willingness and ability of producers to put a product onto the market at a prevailing price in a given time period. | Producer Surplus | Occurs when producers receive more for their product than they were willing to accept. | Equilibrium Price | Where the supply is equal to demand
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price paid for it summed over the quantity bought. A) Consumer surplus B) Shortage C) Surplus 2) D) Producer surplus Answer: A 3) When the Smith’s were shopping for their present home‚ the asking price from the previous
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Adam Smith‚ Karl Marx and Karl Polanyi‚ have influenced capitalism in different ways. Adam Smith known as the father of the political economy‚ developed the concept of the invisible hand; which explains how self-interest and competition in a free market economy‚ would allow economic prosperity. Likewise‚ Smith developed the concept of the division of labour which articulates that different jobs in a business should be specialised‚ instead of one person having to carry out all the processes. Karl
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Econ 1011 Study Guide Opportunity Cost The opportunity cost is the cost of the forgone alternative. (If you have many alternative it is the one which has the highest value) Total opportunity cost / economic cost = Explicit cost + Implicit cost Production Possibilities Frontier - Points inside the PPF vs. outside the PPF - Shape of the PPF - Economic growth and PPF Law of Demand Other things remaining constant‚ the quantity demanded of a good rises when the price of the good
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