Subsidies/Tax

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Last updated 4:59 AM on 5/13/26
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6 Terms

1
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Subsidies

A grant from the government to a firm to increase supply. acts to reduce cost of production for firms and encourage supply

2
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Direct tax

corporation tax, income tax

3
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indirect tax

taxes on goods and services e.g. ad valorem tax, specific tax

4
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specific tax

a fixed amount of tax paid on each unit sold (e.g. sugar tax, fuel duty, alcohol and tobacco duty)

5
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Ad valorem tax

A tax charged as a percentage of the price of a good (e.g. VAT)

6
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