microeconomics SL

3 flashcards · Economics · by Grace Lee

1. what are the determinants of PED? [4]

   no. and closeness of substitutes; degree of necessity; proportion of income; time

2. what are indirect taxes?

   taxes on spending to buy particular goods, paid indirectly to the government by the seller

3. what are specific taxes?

   tax is set amount paid per unit of the good sold, resulting in a parallel shift upwards