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price elasticity of demand.
definition of indirect taxes, ped, inelastic demand, elastic demand
Inelastic demand- demerit goods
Elastic demand- merit goods
diagrams with explanation
Using real world example, to what extent might the problems of negative
externalities of consumption be resolved by the use of indirect taxation?
Definition of negative externalities, indirect taxes and market failure
real life example - Substantial taxes on cigarettes
negative externalities of cigarettes
explanation of the indirect tax with diagrams
evaluation the advantages and the however points
conclusion
Using a production possibilities curve (PPC) diagram, explain why choices have to
be made in all economies.
Definition of PPC curve, Opportunity cost
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