Price ceiling: a legal maximum on the price at which a good can be sold.
Price floor: a legal minimum on the price at which a good can be sold.
Direct taxes: a tax levied on income and wealth
Indirect tax: A tax levied on the sale of goods and services
Specific tax: a fixed rate tax levied on goods and servives expressed as a sum per unit
Ad valorem tax: A tax levied as a percentage og the price of a good.
Tax incidence: The way in which the burden of a tax is shared among participants in a market.
Subsidy: payment to buyers and sellers to supplement income or lower costs and which thus encourages consumption or provides an advantage to the recipient.
