indirect tax - tax imposed on expenditure on goods and services, price ceiling - it is the maximum price that governments set below the equilibrium price to protect consumers, price floor - it is the minimum price that governments set above the equilibrium price in order to protect producer and workerss, direct tax - tax imposed on individual income or corporate profit, subsidy - amount of money provided by government to reduce costs of production, regulation - the imposition of rules and other constraints which restrict freedom of economic action, market failure - social surplus is not maximised, there is mis-allocation of resources, cognitive biases - it includes availability bias, anchoring bias, framing bias, herb behaviour, ect,.  , choice architecture - it means the decisions that we make are heavily influenced by the ways in which the choices are presented to us, welfare loss - represent welfare benefits that are lost to society because resources are not allocated efficiently ,

government intervention

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