Vocabulary to help study :) pt.2
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Taxes | A government's main source of income
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| Property Tax | Money you pay to the local government based on the worth the worth of the land you own.
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| Income Tax | Money that individual people pay based on how much money they make
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| Corporate Tax | Similar to income tax, but it is payed by a corporate or business based on money earned by that group.
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| Payroll Tax | Employers will deduct money out of your paycheck, and that money will go to social security and medicare
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| Mandatory Expenses | Expenses that the government MUST pay for by law
I.e: Social Security, Medicare
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| Discretionary Expenses | Expenses that the government gets to decide on how much money they should spend on THIS each year
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| 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.
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| 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
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| GDP (Gross Domestic Product) | The total value of all goods and services produced within a country in a year (Example: China with 14 billion)
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| GDP per Capita | GDP divided by total population
(Example: china with GDP of 14 bil only has GDP per capita of 10,000)
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| GNI (Gross National Income) per Capita | Looks at the income of residents
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| Developed Country | A country that has a productive economy and a high standard of living (I.e America, Japan)
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| Developing Country | A country with a less productive economy and a lower standard of living (I.e Nigeria, India)
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| International/Foreign Trade | Two people trading who are from different countries
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| Exports | Things made in a certain country that exit to be sold into another country (i.e America to China)
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| Imports | Things made in another country that come into a certain country to be sold (i.e China to America)
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| Tariff | A tax on imported goods
Also a trade barrier
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| Domestic Trade | Trade done where the producer and the consumer are in the same country
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| Free Trade | The removal of all trade barriers (including Tariff!)
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| 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
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| Tax Write-offs | When an individual makes a donation, that amount of money will get deducted from their taxes
i.e KARS for Kids
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| Subsidies | Money given to a company to help them remain competitive
I.e Apple was given $891 million to bring factories to America
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| 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
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| Economic Systems | This describes the way society makes about distributing resources, goods, and services
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| Command Economy | All 4 economic questions are answered by the government, no producers or consumers
i.e North Korea
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| Market Economy | All 4 economic questions are answered by producers and consumers only
There are none of these in the world
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| 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
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| Mixed Economy | All 4 economic questions are answered by a mix of the government, producers and consumers.
This is the majority of the world.
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| Economic Ideology | More specific than an economic system and includes ideas of economics, society and politics
I.e Capitalism, Communism, Feudalism, Socialism
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| Economic Spectrum | One end being pure command, the other being pure market mixed is everything in between
Traditional is NOT on this.
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| 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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