The principle that the tax burden should be allocated across individuals so that each makes an equal sacrifice.
An independent non-departmental UK public body established to eliminate discrimination, reduce inequality, protect human rights, and ensure everyone has a fair chance to participate in society.
A grant provided by central government to address income disparities among local authorities by compensating those with lower taxable capacities.
A wage differential necessary to compensate workers for non-pecuniary disadvantages of a job.
An analysis of equilibrium concepts, their significance, and applications in various economic theories.
Equilibrium price refers to the price at which the quantity of a good supplied is equal to the quantity demanded.
The quantity of a good supplied and demanded when the market price has reached a level where supply equals demand.
The ordinary shares (UK) or common stock (US) of companies, embodying ownership and claims to the residual profits.
Definition and meaning of equity capital in finance: Company finance raised in exchange for a share of ownership.
The amount of additional income required to reach the utility level achievable if the economic environment changes.
An economic metric used to gauge the welfare change regarding a price change or policy intervention by comparing the amount of income needed to achieve original utility under new circumstances.
A model used for estimating the short-run dynamic relationship among cointegrated variables and their adjustments towards long-term equilibrium.
