Define the following term: (economy)

Tax incidence:  Tax incidence is the entity on whom tax is imposed. It is the distribution of the overall tax burden between sellers and buyers in an economy.

Tax burden:       It is the total amount of tax paid by a particular group of people, an industry etc especially as compared to what other groups, industries etc pay.

Progressive tax:         The progressive tax means tax as a percentage of income rises as income rises. It is good for reducing inequality in a country.

Tax buoyancy: It refers to the percentage change in tax revenue with the growth of national income. It is growth based increase in tax collections.

Tax elasticity: Tax elasticity is defined as the percentage change in tax revenues with the growth of national income. It is growth based increase in tax collections.

Minimum