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SS Economics 2
Vocabulary to help study :) pt.2
| Term | Definition |
|---|---|
| Taxes | A government's main source of income |
| Property Tax | Money you pay to the local government based on the worth the worth of the land you own. |
| Income Tax | Money that individual people pay based on how much money they make |
| Corporate Tax | Similar to income tax, but it is payed by a corporate or business based on money earned by that group. |
| Payroll Tax | Employers will deduct money out of your paycheck, and that money will go to social security and medicare |
| Mandatory Expenses | Expenses that the government MUST pay for by law I.e: Social Security, Medicare |
| Discretionary Expenses | Expenses that the government gets to decide on how much money they should spend on THIS each year |
| HDI (Human Development Index) | A statistic created by the UN to measure the quality of life the citizens in a country possibly have Measured between 0 and 1, the closer a country is to 1 the better the quality of life is. |
| Standard of Living | Measures the economic opportunity part of the HDI Measures how comfortable people's lives are based off of the strength of the economy in a country |
| GDP (Gross Domestic Product) | The total value of all goods and services produced within a country in a year (Example: China with 14 billion) |
| GDP per Capita | GDP divided by total population (Example: china with GDP of 14 bil only has GDP per capita of 10,000) |
| GNI (Gross National Income) per Capita | Looks at the income of residents |
| Developed Country | A country that has a productive economy and a high standard of living (I.e America, Japan) |
| Developing Country | A country with a less productive economy and a lower standard of living (I.e Nigeria, India) |
| International/Foreign Trade | Two people trading who are from different countries |
| Exports | Things made in a certain country that exit to be sold into another country (i.e America to China) |
| Imports | Things made in another country that come into a certain country to be sold (i.e China to America) |
| Tariff | A tax on imported goods Also a trade barrier |
| Domestic Trade | Trade done where the producer and the consumer are in the same country |
| Free Trade | The removal of all trade barriers (including Tariff!) |
| Tax breaks | The government reduces taxes on something due to the buyer benefiting society from that purchase I.e no tax on electric cars in NJ |
| Tax Write-offs | When an individual makes a donation, that amount of money will get deducted from their taxes i.e KARS for Kids |
| Subsidies | Money given to a company to help them remain competitive I.e Apple was given $891 million to bring factories to America |
| Patents | This legally protects an idea for a new product or process from being stolen or copied for a specific amount of time This exists so it incentivizes innovation |
| Economic Systems | This describes the way society makes about distributing resources, goods, and services |
| Command Economy | All 4 economic questions are answered by the government, no producers or consumers i.e North Korea |
| Market Economy | All 4 economic questions are answered by producers and consumers only There are none of these in the world |
| Traditional Economy | All 4 economic questions are answered by what the country has always done No country is 100 percent of this No modern technology |
| Mixed Economy | All 4 economic questions are answered by a mix of the government, producers and consumers. This is the majority of the world. |
| Economic Ideology | More specific than an economic system and includes ideas of economics, society and politics I.e Capitalism, Communism, Feudalism, Socialism |
| Economic Spectrum | One end being pure command, the other being pure market mixed is everything in between Traditional is NOT on this. |
| Capitalism | An economic ideology in which the citizens own businesses and decide what to make. On the economic spectrum, it leans towards market. |
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