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| Term | Definition |
|---|---|
| econimic growth | refers to the change in the quantity of goods and services produced in a country from one year to the next. |
| economic system | is a way a country uses its factors of production to produce goods and services |
| inflation | is an increace in one period to the next |
| the national budget | is a document which gives a detailed breackdown of goverment income and expenditure |
| income tax | a tax paid by employees on their income |
| corporation tax | a tax paid by companies on their profits |
| vat | a tax on goods and services |
| dirt | a tax on the intrest earned by people on their savings |
| customs duties | a tax on goods coming into Ireland from certain countrys |
| excise duties | a tax on cigaretts, alcohol and petrol |
| travel tax | a tax paid by people when they leave the country on holidays or buisnuiss |
| current | refers to day to day or irregular income or expenditure |
| capital | refers to once off or long term income or expenditure |
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