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| 11392041070 | Deadweight loss/Excess Burden | The extra cost in the form of inefficiency that results because the tax discourse mutually beneficial transactions Connection: |  | 0 |
| 11392043445 | Incidence | A measure of who really pays a tax Connection: The incidence would explain how much of a tax is paid by the consumer or the producer, depending on the supply and demand prices after taxes. | 1 | |
| 11392046710 | Excise tax | A tax on the sales of a good or service Connection: Excise taxes are often included in the price of the product. There are also excise taxes on activities, such as on wagering or on highway usage by trucks. One of the major components of the excise program is motor fuel. | 2 | |
| 11392049348 | Quota Rent | the difference between the demand and supply price at the quota limit Connection: To calculate quota rent, first calculate the economic rent, which is the positive difference between the domestic price of the good and the free market price from around the world. | 3 | |
| 11392051849 | Wedge | the price paid by buyers ends up being higher than that received by sellers Connection: A wedge is created when a quota is put in place to lessen the amount of a good being sold, since demand price will be greater than supply price. | 4 | |
| 11392055056 | Supply price | the price at which producers will supply that quantity Connection: It is based on the opportunity cost that sellers incur in the production of the good. While a number a factors influence the supply price, quantity supplied tends to be among the most important. | 5 | |
| 11392058471 | Demand price | the price at which consumers will demand that quantity Connection: When the demand price is greater than the supply price, the amount produced tends to increase. | 6 | |
| 11392064700 | License | gives the owner the right to supply a good Connection: In order to sell alcohol, one must have a liquor license, resulting in less sales of alcohol. | 7 | |
| 11392067287 | Quota Limit | the total amount of the good that can be legally transacted Connection: Countries use quotas in international trade to help regulate the volume of trade between them and other countries. | 8 | |
| 11392071389 | Quantity control/Quota | an upper limit on the quantity of some good that can be bought or sold Connection: |  | 9 |
| 11392074007 | Inefficiently high quality | sellers offer high-quality goods at a high price, even though buyers would prefer a lower quality at a lower price Connection: Due to price floors, some prices become too high, and people don't want to spend this on items, resulting in inefficiently high quality. | 10 | |
| 11392077057 | Inefficient allocation of sales among sellers | those who would be willing to sell the good at the lowest price are not always those who manage to sell it Connection: Due to price floors, some prices become too high, and people don't want to spend this on items, resulting in inefficiently high quality. | 11 | |
| 11392079690 | Minimum wage | a legal floor on the wage rate, which is the market price of labor Connection: The minimum wage in the US $7.25 | 12 | |
| 11392082831 | Black market | a market in which goods or services are bought and sold illegally, either because it is illegal to sell them at all or because the prices charged are legally prohibited by a price ceiling Connection: Common motives for operating in black markets are to trade contraband, avoid taxes and regulations, or skirt price controls or rationing. | 13 | |
| 11392087662 | Inefficiently low quality | sellers offer low quality goods at a low price even though buyers would prefer a higher quality at a higher price Connection: Due to a price ceiling, prices are low, therefore in rent control apartments, the furniture and appliances will be low quality since the people renting the place are not paying a lot of money for it. | 14 | |
| 11392091559 | Wasted resources | people expend money, effort, and time to cope with the shortages caused by the price ceiling Connection: Businesses will waste their resources in order to try and handle a shortage, which is difficult when a price ceiling is in place. | 15 | |
| 11392094976 | Inefficient allocation to customers | People who want the good and are willing to pay a high price don't get it, and those who care relatively little about the good and are only willing to pay a low price do get it Connection: As a result of the price control, the consumer is getting hurt because of a gap between the demand and supply quantity. | 16 | |
| 11392101836 | Inefficient | A state in a market or an economy in which there are missed opportunities Connection: If people are better off from a trade it is considered inefficient. | 17 | |
| 11392105622 | Price floor | a minimum price buyers are required to pay for a good or service Connection: |  | 18 |
| 11392108218 | Price ceiling | a maximum price sellers are allowed to charge for a good Connection: |  | 19 |
| 11392113278 | Price controls | legal restrictions on how high or low a market price may go Connection: Price controls will be set by a government during a nationwide event such as a natural disaster or a war. | 20 |
