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Introduction to Economic Analysis

Introduction to Economic Analysis

“Taxes levied on goods and services always cause harm and distort the efficient operation of the economy and therefore should not be levied.”

Learning Objectives:
1. Learning to use Supply and Demand to analyze a problem.
2. To see how the concept of elasticity affects the Supply and Demand analysis.
3. To learn to correctly apply concepts of elasticity.
4. To learn about the burden taxation places on a market.
5. To understand the difference between the legal incidence of a tax and the economic incidence of a tax.
6. To learn about the burden that taxation places on a market
7. To be able to explain a complex economic concept in language easily understood.
8. Begin thinking about this problem by visualizing a market diagram with an upward sloping supply and downward sloping demand curves. Now visualize a tax levied on the suppliers of a product.
9. Having trouble visualizing? Read your text and consult online material to see the basic model.
10. Taxes are levied on either the buyers of a product or the sellers of a product. Economists argue that it doesn’t matter whether you tax the buyer or the seller since the end result is the same. This suggests that legislative tax policy may not achieve its desired intent due to the working of the market and what is known as tax shifting.
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