Government intervention
When a government alters the resource allocation that markets would have achieved working freely on their own.
Governments may intervene to influence the market outcomes to:
Governments need finances in order to finance public goods and services. Therefore, governments intervene in the markets to gain this revenue through:
Indirect taxes
Taxes levied on spending on goods and services. They are called indirect because while consumers contribute to part or all of the tax, it is the suppliers (firms) who collect and transfer these taxes to the government authorities (consumers pay the taxes indirectly).
The two types of indirect taxes are:
Governments may impose excise taxes on demerit goods such as cigarettes or alcohol, to discourage their use within the society.
Direct tax
Tax paid to the government directly by the taxpayer (individual).
Types of direct taxes include: Income tax, Property tax, and Wealth tax.
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Paywall
(on a website) an arrangement whereby access is restricted to users who have paid to subscribe to the site.
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