Economics Flashcards
(14 cards)
Define tax base
The total amount of economic activity or wealth in a society (money/income) that is subject to taxation (a government can tax)
The black market also called the _______ is a way to avoid __________
Underground economy, paying taxes
Tax evasion is _______ to _________
Deceiving the government and misrepresenting your income, to avoid paying taxes
A taxation model or fiscal policy is ______
A policy of a political party about what to tax
What is a social program and how are they funded?
Service provided by the government to reduce economic inequalities and promote wellbeing, payed for by taxes
What is the difference between privately funded and publicly funded?
Privately funded is paid for by individuals, publicly funded is payed for by taxes/the government
What is insurance? Give an example.
An agreement between a individual and a company that they will pay for a service in exchange for a fee you pay every month/year
Ex. Health insurance
Collective bargaining is ______
The process in which union workers negotiate with their employers to determine their workers rights
What is the goal of a labour strike?
To pressure employers to respond to issues that concern their workers
A labour union is ____________
An organization of workers that act to protect workers rights and interests
What are the 3 factors/means of production?
Give an example of each
Land, labour and capital
What is scarcity?
Land, labour and capital limit the supply though people have unlimited demands
What is the invisible hand?
A metaphor for the invisible forces that change market economies (supply and demand)
What is a monopoly?
Give a planned economy, mixed economy and market economy example
A monopoly happens when one producer controls the whole supply of a good or service
Planned - all goods & services
Mixed - healthcare & education
Market - most successful business (government doesn’t regulate)
