Taxation.docx

FRE GOODS - A free good is a good that is not scarce, and therefore is available without limit.[1][2] A free good is available in as great a quantity as desired with zero opportunity cost to society. Consumer goods - A consumer good or final good is any commodity that is produced or consumed by the consumer to satisfy current wants or needs. Consumer goods are ultimately consumed, rather than used in the production of another good. Producer goods - Producer goods also called intermediate goods, in economics, goods manufactured and used in further manufacturing, processing, or resale. Producer goods either become part of the final product or lose their distinct identity in the manufacturing stream. SERVICES - In economics, a service is a transaction in which no physical goods are transferred from the seller to the buyer. The benefits of such a service are held to be demonstrated by the buyer's willingness to make the exchange. UTILITY - Within economics the concept of utility is used to model worth or value, but its usage has evolved significantly over time. The term was introduced initially as a measure of pleasure or satisfaction within the theory of utilitarianism by moral philosophers such as Jeremy Bentham and John Stuart Mill. Demand - Refers to the quantity of a good that consumers are willing and able to purchase at various prices during a given period of time. The relationship between price and quantity demanded is also known as demand curve. Preferences and choices, which underlie demand, can be represented as functions of cost, benefit, odds and other variables. SUPPLY - In economics, supply is the amount of something that firms, consumers, labourer sproviders of financial assets An import is a good brought into a jurisdiction, especially across a national border, from an external source. The party bringing in the good is called an importer.[1][2] An import in the receiving country is an export from the sending country., or other economic agents are willing to provide to the marketplace. IMPORT - An import is a good brought into a jurisdiction, especially across a national border, from an external source. The party bringing in the good is called an importer.[1][2] An import in the receiving country is an export from the sending country. EXPORT – The term export in international trade means the sending of goods or services produced in one country to another country. The seller of such goods and services is referred to as an exporter; the foreign buyer is referred to as an importer.

INFLATION - In economics, inflation is a sustained increase in the price level of goods and services in an economy over a period of time. DEFLATION - In economics, deflation is a decrease in the general price level of goods and services. This allows one to buy more goods and services than before with the same amount of currency. MARKET - A market is one of the many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange. PURE COMPETITION - In an ideal purely competitive market, the products being sold would be identical, which removes the option of one seller offering something different or better than another seller. Monopoly - is a board game where players roll two six-sided dice to move around the game board, buying and trading properties, and develop them with houses and hotels. OLIGOPOLY - Oligopoly is a common market form where a number of firms are in competition. As a quantitative description of oligopoly, the four-firm concentration ratio is often utilized. CONSUMERISM - Consumerism is a social and economic order that encourages the acquisition of goods and services in ever-increasing amounts