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q define regressive taxregressive tax a tax in that lower-income individuals or households bear a proportionately greater burden of the tax sales
q explain about real wagesreal wagesvalue of wages adjusted for level of consumer prices if nominal value of wages is growing faster than consumer
real interest rate interest rate on a loan adjusted for rate of inflation real interest rate represents real burden of an interest payment real
q what do you meant by real gdpreal gdpvalue of total gross domestic product which is all the services and goods produced for money in the economy
public-private partnerships pppsa form of financing public investment and sometimes the direct provision of public services in that finance is
true public goods are those goods which cant be provided to one group of consumers without being provided to any other consumers who desire them thus
q what do you meant by progressive taxprogressive taxtax is considered progressive if a larger proportionate share of its total burden falls on
program spending government spending that is undertaken to provide useful public programs program spending includes both transfer payments which are
profit this is surplus left over after a company sells its output and pays off cost of production which includes raw materials labour costs and a
productivitygenerally productivity measures efficiency or effectiveness of productive effort productivity can be measured in several different ways
under capitalism most production is undertaken by private companies of various forms with the goal of generating a profit to the companys owners
product markets markets where produced services and goods are bought and sold distinguished from markets for factors of productionproduction process
q what do you meant by private equityprivate equity a form of business in which companys entire equity base is owned by one or a small group of
price leveloverall average level of nominal prices in the economy can be calculated most often as a weighted average of the prices of
pre-funded pension a pension plan in that funds are invested and accumulated throughout an individuals working life in order to pay for subsequent
poverty a state of having inadequate income or other resources to support a household or group of households at a basic standard of living poverty
q explain the post-keynesian economicspost-keynesian economics a modern heterodox school of economic thought that emphasizes more radical or
physical capital a tangible tool machine building or other productive asset that is used to produce other goods or servicespollution many economic
q perfect competition in neoclassical economicsperfect competition an abstract assumption central to neoclassical economics in that companies are so
pensions pension benefits are paid to individuals who have retired from active employment in order to support themselves in last years of their lives
q what do you meant by payroll taxpayroll taxa tax which is levied on current employment or payrolls collected either as a fixed amount per employee
q describe pay-as-you-go pension planpay-as-you-go pension a pay-as-you-go pension plan sponsor basically just pays for pension benefits to retired
participation rateproportion of working-age individuals who decide to lsquoparticipate in the labour force by either being employed or actively
paradox of thrift an individual household governmentor business may attempt to save money by reducing their current expenditures though those
non-tradablesome products cant be transported over long distances or otherwise sold to consumers from far-off locations these products including some