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| taxes levied on spending to buy goods and services, called indirect because, whereas payment of some or all of the tax by the consumer is involved, they are paid to the government authorities by the suppliers, that is, indirectly |
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| Taxes imposed on spending on particular goods or services (for example, gasoline/petrol); are a type of indirect tax |
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| Taxes paid directly to the government tax authorities by the taxpayer, including personal income taxes, corporate income taxes and wealth taxes |
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| A tax calculated as an absolute amount per unit of the good or service sold |
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| Taxes calculated as a fixed percentage of the price of the good or service; the amount of tax increases as the price of the good or service increases |
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| Refers to loss of a portion of social surplus that arises when marginal social benefits are not equal to marginal social costs, due to market failure |
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| Refers to the burden of a tax, or those who are ultimate payers of the tax |
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| A minimum price set by the government for a particular good, meaning that the price that can be legally charged by the sellers of the good cannot be lower than the legal minimum price. Results in a surplus of the product |
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| Minimum prices (or price floors) set by the government for agricultural products |
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| A minimum price of the labour (the wage) set by governments in the labour market, in order to ensure that low-skilled workers can earn a wage high enough to secure them with access to basic goods and services. It is a type of price floor |
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