Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
American Economy
Terms from Ch. 16 Reading Guide and other
| Question | Answer |
|---|---|
| Publicly used facilities, such as schools and highways, built by federal, state, or local governments with public money. | Public-Works Projects |
| Government program that provides health care for the aged. (65+) | Medicare |
| Goods or services that can be used by many individuals at the same time without reducing the benefit each person receives. | Public Goods |
| Government activity that takes income from some people through taxation and use it to help citizens in need. | Income Redistribution |
| Government programs that pay benefits to retired and disabled workers, their families, and the unemployed. | Social-Insurance Program |
| Federal program that provides monthly payments to people who are retired, unable to work or children with a deceased parent. | Social Security |
| Government program that extends payments for medical care to workers injured on the job. | Workers' Compensation |
| Government programs that make payments to citizens based on need. | Public-Assistance Programs/Welfare |
| Federal programs that include food stamps and pay to the disabled and aged. | Supplemental Security Income |
| State-run program that provides assistance and work opportunities to needy families. | Temporary Assistance For Needy Families |
| State and federal public-assistance program that helps pay health care costs for low-income and disabled persons. | Medicaid |
| Situation when the account of government spending exceeds its receipts during the fiscal year. | Budget Deficit |
| System of taxation in which those who use a particular government service support it with taxes in proportion to the benefit they receive; those who do not use a service do not pay taxes for it. | Benefits-Received Principle |
| Principle of taxation in which those with higher incomes pay more taxes than those with lower incomes, regardless of the number of government services they use. | Ability-To-Pay Principle |
| Tax that takes the same percentage of all incomes; as income rises, the amount of tax paid also rises. | Proportional Tax |
| Tax that takes a larger percentage of higher incomes than of lower incomes; justified on the basis of the ability-to-pay principle. | Progressive Tax |
| Tax that takes a larger percentage of lower incomes than of higher incomes. | Regressive Tax |
| This tax category includes Social Security taxes, Medicare taxes, unemployment insurance taxes, and federal employee retirement payments. | Social Insurance Payroll Taxes |
| Excise taxes apply to various products, including alcohol, tobacco, transportation fuels, and telephone service | Excise Taxes |
| Dollar amount of all products and services produced in the US in a year | GDP |
| Income left before a person has taxes have been taken out | Personal Income |
| This is the dollar value of all final goods created using labor and property supplied by the US | GNP |
| Income after taxes | Disposable Income |
| Private households | Consumer Sector* |
| The government...duh | Government Sector* |
| Sole proprietor, partnership, corporations | Investment Sector* |
| Consumer+ Government+ Investment | =GDP |
| When people are employed at jobs below their skill level, or are employed part time when they want full time work. Due to the inevitability of frictional and structural unemployment, they make up the natural rate of unemployment. | underemployment |
| Jobs replaced by machines or other equipment | Technological unemployment |
| Type of frictional unemployment;Jobs appear seasonally and come back each year | Seasonal unemployment |
| Qualified workers with transferable skills that are between jobs or temporarily unemployed | Frictional unemployment |
| Changes in technology or the labor force; Workers no longer have transferable skills; Jobs won’t return | Structural unemployment |
| Due to economic downturns, like recessions and depressions | Cyclical unemployment |
| Branch of the Treasury Department in charge of collecting taxes. | Internal Revenue Service (IRS) |
| Paid over time through a payroll withholding system. In this method, an employer automatically deducts, or withholds, income taxes from an employee’s paycheck. | Personal Income Tax |
| Both employers and workers have to pay this tax, which pays for Social Security and Medicare. | FICA Tax |
| his is the tax a corporation pays on its profits. The corporation is taxed because it is considered to have its own legal identity. | Corporate Tax |
| Tax on property that changes hands when someone dies. | Estate Tax |
| Gift tax is a tax on donations of money or wealth and is paid by the person who makes the gift. | Gift tax is a tax on donations of money or wealth and is paid by the person who makes the gift. |
| Tax on items that tourists from the United States buy in other countries and then bring to the United States. | Customs Duty Tax |
Created by:
Regents Review 1
Popular Social Studies sets