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ECONOMIC GOOD: The transformation of limited resources for the purpose of satisfying unlimited wants and needs. You might detect a similarity between the term economic good and the term scarcity. The reason is that "economic good" is another term for scarce good. We call a scarce good an economic good because a scarce good is one that can be traded through markets.
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TAX INCIDENCE The portion of a tax paid by each side of a market based on differences in the pre-tax equilibrium price and the after-tax demand price and supply price. Because a tax drives a wedge between demand price and supply price, the incidence or burden of a tax typically falls on both buyers and sellers. How much each side pays depends on the relative price elasticity of demand and supply. Buyers pay the entire tax only in the case of a perfectly elastic supply or perfectly inelastic demand. Sellers pay the entire tax only in the case of a perfectly elastic demand or perfectly inelastic supply.
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ORANGE REBELOON
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Today, you are likely to spend a great deal of time searching for a specialty store trying to buy either one of those memory foam pillows or a remote controlled train set. Be on the lookout for telephone calls from long-lost relatives.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"Far and away the best prize that life has to offer is the chance to work hard at work worth doing." -- Theodore Roosevelt, 26th US president
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ISIC
International Standard Industrial Classification
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