PROGRESSIVE TAX
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Progressive tax is a tax that imposes a lower tax rate on low-income tax payers compared to those with a higher income.
PRICE LEVEL
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Price level is the average of current prices across the entire spectrum of goods and services produced in all of the economy.
PRICE CEILING
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A price ceiling is a fixed maximum price a seller may charge for a product or service.
POVERTY TRAP
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A poverty trap is making it very difficult to escape poverty. It is created when an economic system requires a significant amount of capital to escape poverty.
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