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Economics IB

Goods and services that the government feels that people will under-consume, and which ought to be subsidised or provided free at the point of use so that consumption does not depend primarily on the ability to pay for the good or service.
are taxes paid when purchases are made on a specific good
It means "with other conditions remaining the same."
s a benefit that is enjoyed by a third-party as a result of an economic transaction.
a good or service whose consumption is considered unhealthy, degrading, or otherwise socially undesirable due to the perceived negative effects on the consumers themselves
is a fundamental economic concept that describes the total amount of a specific good or service that is available to consumers.
s a situation in which the allocation of goods and services is not efficient. That is, there exists another conceivable outcome where at least one individual may be made better-off without making someone else worse-off.
is a tax collected by an intermediary (such as a retail store) from the person who bears the ultimate economic burden of the tax (such as the consumer).
is a cost that is suffered by a third party as a result of an economic transaction
the degree to which individuals, consumers or producers change their demand or the amount supplied in response to price or income changes.
is an economic principle that describes a consumer's desire and willingness to pay a price for a specific good or service.
a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services.