Micro LS10- LS23 Flashcards
1
Q
Excess demand
A
When price is below equilibrium price. More consumers want to buy good than suppliers are willing to sell.
2
Q
Excess supply
A
Quantity of good or service supplied is greater than quantity of good or service demanded.
3
Q
Direct tax
A
Levied on an individual or organisation
4
Q
Indirect tax
A
Levied on a good or service
5
Q
A
