“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.
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