https://padlet.com/ericaorians/3dyawz1his4ayyln Chapter 6 en-us 2022-02-01 15:52:41 UTC 2025-11-20 18:47:00 UTC hello@padlet.com ericaorians https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2023637608 2022-02-01 15:52:41 UTC https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2023637608 ericaorians https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2023637612 2022-02-01 15:52:41 UTC https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2023637612 ericaorians https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2023637614 2022-02-01 15:52:41 UTC https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2023637614 ericaorians https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2033170576 When the government sets a minimum price.

]]> 2022-02-07 14:22:55 UTC https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2033170576 ericaorians https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2033184829 2022-02-07 14:28:26 UTC https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2033184829 ericaorians https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2033214041 2022-02-07 14:39:24 UTC https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2033214041 isabellapatterson https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2038336443 -Tax on sellers shifts the supply curve.
-Tax leads to a decline in the quantity sold.
-Tax increases the price buyers pay and decreases the price sellers receive.
-Both buyers and sellers bear the economic burden of the tax on sellers. 

]]> 2022-02-09 16:38:08 UTC https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2038336443 isabellapatterson https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2038341592 -Tax on buyers shifts the demand curve left.
-Tax leads to a decline in the quantity sold.
-Tax increases the price buyers pay and decreases the price sellers receive.
-Buyers and sellers bear the economic burden of a tax on buyers. ]]> 2022-02-09 16:40:07 UTC https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2038341592 isabellapatterson https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2038346469 2022-02-09 16:41:51 UTC https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2038346469 isabellapatterson https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2038349658 Great video by Khan Academy showing the changes in the supply and demand curves when taxes are introduced. ]]> 2022-02-09 16:43:05 UTC https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2038349658 isabellapatterson https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2038351628 2022-02-09 16:43:51 UTC https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2038351628 isabellapatterson https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2038354175 Gotta love YouTube for video examples and explanations. ]]> 2022-02-09 16:44:49 UTC https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2038354175 isabellapatterson https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2038358860 1. Is the supply or demand curve shifting?
2. Is that shift and increase in taxes, shifting the curve to the left? Or is it a decrease in taxes, shifting the curve to the right?
3. How will prices and quantities change in the new equilibrium?]]> 2022-02-09 16:46:26 UTC https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2038358860 isabellapatterson https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2038362090 A payment made by the government to those who make a specific choice. 
(ie. lower-income people who choose to go to college.)]]> 2022-02-09 16:47:38 UTC https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2038362090 isabellapatterson https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2038370678 When the government sets a maximum price. ]]> 2022-02-09 16:49:40 UTC https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2038370678 https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2043351466 The division of the economic burden of a tax between buyers and sellers.]]> 2022-02-12 01:43:11 UTC https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2043351466 billymangu https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2043356687 A payment made by the government to those who make a specific choice.]]> 2022-02-12 01:53:08 UTC https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2043356687 billymangu https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2043357194 The division of the economic burden of a tax between buyers and sellers.]]> 2022-02-12 01:54:05 UTC https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2043357194 billymangu https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2043361104 A maximum price that sellers can charge.]]> 2022-02-12 02:01:41 UTC https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2043361104 billymangu https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2043365833 https://www.youtube.com/watch?v=TdDzauHmIKE]]> 2022-02-12 02:10:33 UTC https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2043365833 daneconely https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2046275262 This section explains both taxes and subsidies. Taxes will increase cost on buyers and sellers, which will then shift the demand or supply curve. The same new equilibrium will occur, so it doesn't matter which curve it effects. The same is true for subsidies, however these lead to benefits instead of cost. The amount of economic burden for taxes and economic benefits from subsidies that sellers and buyers receive are based on the elasticities of supply and demand. ]]> 2022-02-14 14:05:27 UTC https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2046275262 daneconely https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2046391539 This section is all about price ceiling and price floors. The textbook used an example of apartments in New York, as the price ceiling is set to have a maximum price of rent. However, this leads to a shortage of apartments people can buy. The book also talked about anti-price gouging laws, which in the event of disaster stores cant raise prices. This is another example of a ceiling. The textbook uses the example of minimum wage, which is a price floor that companies have to pay, which leads to surplus. ]]> 2022-02-14 14:49:08 UTC https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2046391539 daneconely https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2046622084 This section talked about quantity regulations, as a mandate is a minimum amount of buy or selling a good. A quota is a maximum amount of a good that can be sold. The textbook explains how quotas raise prices because it causes a maximum for a good that can be sold, but the demand will be higher and cause buyers to pay more for it. An example the book used was a zoning law, which puts a maximum amount of houses that can be sold in an area. The book then talks about how Uber and Lyft are in competition with the New York taxi quota.]]> 2022-02-14 16:20:10 UTC https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2046622084 daneconely https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2046624728 A requirement to buy or sell a minimum amount of a good.]]> 2022-02-14 16:21:15 UTC https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2046624728 daneconely https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2046626654 A limit on the maximum quantity of a good that can be sold.]]> 2022-02-14 16:22:03 UTC https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2046626654 daneconely https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2046633200 2022-02-14 16:24:41 UTC https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2046633200 Gavin_Savercool https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2046994610 Statutory Burden: the burden of being assigned by the government to send a tax payment

Economic Burden: the burden created by the change in after-tax prices faced by buyers and sellers

Tax Incidence: the division of the economic burden of a tax between buyers and sellers

A general insight about all taxes: It doesn’t matter whether the buyer or seller is assigned by the government to send in the tax; the end result is exactly the same.]]> 2022-02-14 18:56:53 UTC https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2046994610 https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2047421429 In the chapter 6, government intervention in the market, they talked about how the government decides on the wage for the benefit of the citizens, where they are based on the cost of living. Also l, this chapter talks about the raise of taxes or price by the government to make sure they are reducing the consumption of a specific product. There is always the negative and positive effects on seller and buyers. ]]> 2022-02-15 00:08:33 UTC https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2047421429 billymangu https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2047424099 In the chapter 6, government
intervention in the market, they
talked about how the government
decides on the wage for the
benefit of the citizens, where they
are based on the cost of living.
Also I, this chapter talks about the
raise of taxes or price by the
government to make sure they are
reducing the consumption of a
specific product. There is always
the negative and positive effects
on seller and buyers.]]> 2022-02-15 00:11:12 UTC https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2047424099 billymangu https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2047613417 2022-02-15 02:39:06 UTC https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2047613417 billymangu https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2047620848 https://www.usnews.com/opinion/economic-intelligence/articles/2018-01-08/americans-need-to-wise-up-about-the-reach-of-federal-regulations]]> 2022-02-15 02:45:07 UTC https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2047620848 sherrysokolowski https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2047754897 I think Crash Course videos do an excellent job of summarizing key points and providing relevant examples all while keeping the video engaging. This video dives into price ceilings and floors and subsidies and applies them into economies and the real world. ]]> 2022-02-15 04:28:15 UTC https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2047754897 sherrysokolowski https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2047763462 While this article is exactly a month old, it is still relevant and can pertain to this chapter. Inflation in Hungary is steadily increasing so as a result, Prime Minister Orbán imposed a price ceiling on some common groceries such as milk, sugar, and chicken breast. Several economists comment on this decision and its impact on the Hungarian economy. ]]> 2022-02-15 04:35:24 UTC https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2047763462 sherrysokolowski https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2047772805 2022-02-15 04:43:02 UTC https://padlet.com/ericaorians/3dyawz1his4ayyln/wish/2047772805