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Government & Economy
| Term | Definition |
|---|---|
| Antitrust Laws | A set of laws and regulations put in place by the government to promote fair competition and prevent monopolies and the harmful effects of concentrated market power, such as high prices, reduced innovation, and limited choices. |
| Capital Gains Taxes | Taxes imposed on the profit realized from the sale of a capital asset, such as real estate, stocks, or bonds. These taxes are typically levied at a lower rate than taxes on ordinary income to encourage investment and economic growth. |
| Cultural Exchange | The swap of cultural practices, customs, values, beliefs, and artifacts between different societies. It can lead to increased tourism, cultural understanding and cooperation, and can help to break down cultural barriers and stereotypes. |
| Efficiency | The use of resources in the most productive way possible to achieve a desired outcome. An efficient market or economy is one in which resources are allocated in the way that best satisfies the needs and wants of society. |
| Environmental Protection Agency (EPA) | A government agency that is responsible for protecting human health and the environment by enforcing federal environmental laws and regulations. |
| Estate Taxes | Taxes imposed on the transfer of wealth from a deceased person to their heirs. These are also known as inheritance taxes or death duties. |
| Exchange Rate | The value of one currency in terms of another currency. It is the rate at which one currency can be exchanged for another currency. |
| Excise Tax | A tax imposed on the production or sale of a specific good or service. These taxes are typically levied on specific products such as cigarettes, alcohol, gasoline, and certain luxury items. |
| Food and Drug Administration (FDA) | A government agency that protects public health by ensuring the safety, efficacy, and security of human and veterinary drugs, biological products, and medical devices. |
| Government Regulation | The laws, rules, and policies put in place by the government to control and influence the behavior of individuals and businesses in the marketplace. The goal of this is to promote competition, protect consumers, and promote overall economic stability. |
| Governmental Fees | Charges imposed by the government for specific goods or services, typically charged for a specific service or product, such as a charge for a driver's license, a hunting or fishing license, or a charge for using a public park or other facility. |
| Income Tax | A tax that is imposed on the income earned by individuals, businesses, and other entities. The income can be from various sources such as wages, salaries, interest, dividends, capital gains, and rental income. |
| Innovation | The process of introducing new or improved products, processes, or organizational forms into the market. Includes the development of new technologies, the introduction of new business models, or the creation of new products or services. |
| Manufacturing | The process of converting raw materials or components into finished goods through the use of labor, machinery, tools, and other inputs. |
| Progressive Taxation | A tax system in which the tax rate increases as the income level of the taxpayer increases. The goal of this is to redistribute wealth and income from the rich to the poor, and to reduce income inequality. |
| Property Taxes | Taxes imposed on the ownership of real estate, including land and buildings. The revenue generated from these are generally used to fund public goods and services, such as schools, roads, and public safety. |
| Quota | A restriction on the quantity of a good that can be imported or exported within a specific period of time, typically used to protect domestic industries and to regulate the flow of goods in and out of a country. |
| Reallocation | The process of redirecting resources from one use or sector to another, through policies and programs. This can be used as a tool to promote efficiency, equity, and economic growth. |
| Sales Tax | A tax collected by retailers at the point of sale and are generally based on a percentage of the sale price. The revenue generated from these taxes is generally used to fund public goods and services, such as schools, roads, and public safety. |
| Sanctions | A set of penalties or measures imposed by one country or a group of countries on others to achieve a specific political or economic goal. These are typically used as a tool of foreign policy to pressure a country to change its behavior or policies. |
| Tariff | A tax imposed by a government on imported or exported goods. These are typically used to protect domestic industries and to generate revenue for the government. |
| Taxes | Financial charges imposed by the government on individuals, businesses, and other entities to raise revenue to fund public goods and services. |
| Textiles | The production and trade of fabrics and other related materials. This is a major sector of the economy that includes the production of raw materials such as fibers, spinning, weaving, knitting, finishing and other textile manufacturing processes. |
| The Federal Trade Commission (FTC) | A government agency that is responsible for protecting consumers from unfair or deceptive business practices, and promoting competition in the marketplace. Ensures that consumers have accurate information and can make informed decisions when buying. |
| The Securities and Exchange Commission (SEC) | A government agency in the United States that is responsible for enforcing federal securities laws and regulations. Its main goal is to protect investors, maintain fair and orderly markets, and facilitate capital formation. It regulates the NYSE. |
| The Small Business Administration (SBA) | A government agency that is responsible for providing support to small businesses in the United States. Their main goal is to help small businesses start, grow and succeed by providing access to capital, counseling, and government contracts. |
| Tourism | The activities of people traveling to and staying in places outside their usual environment for leisure, business or other purposes. Generates income, employment and economic growth through the consumption of products by tourists. |
| Trade Balance | The difference between a country's exports and imports of goods and services. A trade surplus occurs when a country exports more than it imports, while a trade deficit occurs when a country imports more than it exports. |
| Trade dependence | The extent to which a country relies on international trade in relation to its overall economic activity. It is typically measured as the ratio of a country's exports and imports to its gross domestic product (GDP). |
| Trade Interdependence | The dependence of countries on each other for goods and services. Countries engage in trade with each other in order to obtain what they cannot produce themselves, because of a lack of resources or because it is more efficient or cost-effective to trade. |
Created by:
mg999
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