The third in a series of study resources on Microeconomics that looks at how governments can intervene in the free market in order to change free market outcomes, mostly for the better (e.g. maximizing social welfare).
This study resource takes a look at taxes and subsidies, and how governments employ their usage to influence market outcomes, e.g., the prices of goods and services. It covers:
- Tax (Purpose and effects)
- Types of tax (direct and indirect)
- Tax revenue diagram
- Incidence of tax
- Subsidies (Purpose and effects)
- Subsidy expenditure diagram
- Incidence of subsidy
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