Vocabulary Flashcards
(13 cards)
Define: Social program
services provided by government to reduce economic inequalities and promote the well-being of citizens
Define: Health insurance
an agreement by a company to pay for your health
services, in exchange for a fee that you pay each month or each year.
Define: Private health care
health care paid for by individuals
Define: Profit
money made from a product or service above and beyond the cost of providing the product or service
Define: Public health care
Healthcare paid for by taxes
Define: GST
a federal sales tax in Canada
Define: Income Tax
tax based on a percentage of a person’s income
Define: Median
a concept in statistics that means the middle number in a set of data organized in order of least to most
Define: Sales Tax
tax paid at the time of buying a product or service, and based on a percentage of the price of the product or service
Define: Black Market
another term for underground economy
Define: Tax base
all the economic activity in a society, which government taxes to pay for services
Define: Tax evasion
misrepresenting what you earn to avoid paying taxes
Define: Underground economy
Economic activity based on buying and selling products and services illegally
