Terminology


No Demand Quantity of good or service a consumer is willing and able to buy at a given price at given time.
1 Supply Quantity of good or service a producer is willing and able to offer for sell at a given price at given time.
2 Indirect taxes Payment levied on consumers.
3 Subsidy Refers to a lowering of good's price with a view to changing the consumption or allocation decisions in favour of the subsidized goods.
4 Price Control A price control is an artificial process of setting ceiling upon a product to determine what the maximum price can be.