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| an excess of government expenses over government revenues. debts can occur afterwards |
deficit |
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chunsah Wed, 23 Jan 2008 23:40:08 GMT |
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| a plan for managing and spending money. government creates it and approves it |
government budget process |
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chunsah Wed, 23 Jan 2008 23:40:08 GMT |
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| a special kind of import tax |
tariffs |
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chunsah Wed, 23 Jan 2008 23:40:08 GMT |
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| a selective sales tax collected only on specific products |
excise tax |
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chunsah Wed, 23 Jan 2008 23:40:08 GMT |
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| a tax on a person's estate after the person dies if the estate is worth more than $600,000 |
estate tax |
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chunsah Wed, 23 Jan 2008 23:40:08 GMT |
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| a tax placed on the sale of various items |
sales tax |
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chunsah Wed, 23 Jan 2008 23:40:08 GMT |
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| tax on value of property |
property tax |
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chunsah Wed, 23 Jan 2008 23:40:08 GMT |
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| tax on income |
income tax |
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chunsah Wed, 23 Jan 2008 23:40:08 GMT |
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| adam smith's principles of taxation |
1. based on person's ability to pay
2. clear and straightforward
3. collected in most convenient way possible
4. collected efficiently
5. reasonable |
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chunsah Wed, 23 Jan 2008 23:40:08 GMT |
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| a tax in which people pay the same amount no matter how wealthy or poor they are |
regressive tax |
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chunsah Wed, 23 Jan 2008 23:40:08 GMT |
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| a tax in which people who earn more money pay more taxes |
progressive tax |
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chunsah Wed, 23 Jan 2008 23:40:08 GMT |
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| ______ is the main source of revenue |
taxation |
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chunsah Wed, 23 Jan 2008 23:40:08 GMT |
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| money government receive |
revenue |
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chunsah Wed, 23 Jan 2008 23:40:08 GMT |
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| one bank controls 12 districts around the nation. all national banks are required to maintain a legal reserve. the amount of money that the government requires a bank to keep on hand to pay depositors who want to withdraw their money |
federal reserve system |
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chunsah Wed, 23 Jan 2008 23:40:08 GMT |
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| a french phrase that means to 'allow to do'. in this economy, the government lets businesses do what they want and does not interfere |
laissez-faire |
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chunsah Wed, 23 Jan 2008 23:40:08 GMT |
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| organization of workers that helped make working conditions better and wages raised |
labor unions |
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chunsah Wed, 23 Jan 2008 23:40:08 GMT |
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| workers are free to choose whether or not to join a union |
open shop |
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chunsah Wed, 23 Jan 2008 23:40:08 GMT |
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| a factory or business in which workers cannot be hired unless they are union members |
closed shop |
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chunsah Wed, 23 Jan 2008 23:40:08 GMT |
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| formed by the merger of companies that supply a variety of different goods and services |
conglomerates |
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chunsah Wed, 23 Jan 2008 23:40:08 GMT |
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| exists when one company or small group of people control the supply of all, or most of, a particular good or service |
monopolies |
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chunsah Wed, 23 Jan 2008 23:40:08 GMT |
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| personal income, disposable income, standard of living, how much consumers pay, how much taxes they pay, and leisure time they have |
economic indicators |
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chunsah Wed, 23 Jan 2008 23:40:08 GMT |
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| the total value, in dollars, of all the final goods and services produced within the nation each year |
gross domestic product |
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chunsah Wed, 23 Jan 2008 23:40:08 GMT |
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| refers to the way the government regulates the amount of money in circulation |
monetary policy |
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chunsah Wed, 23 Jan 2008 23:40:08 GMT |
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| refers to the way the government taxes citizens and spends money |
fiscal policy |
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chunsah Wed, 23 Jan 2008 23:40:08 GMT |
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| created in 1935 by the government in order to control recession. still exists and works |
Social Security Act |
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chunsah Wed, 23 Jan 2008 23:40:08 GMT |
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| a decline in economic activity. Government created the New Deal and government projects such as building parks and schools. |
recession |
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chunsah Wed, 23 Jan 2008 23:40:08 GMT |
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| a general rise in the prices of goods and services. Government controls by raising interest rates, taxes, cutting its spending, etc. |
inflation |
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chunsah Wed, 23 Jan 2008 23:40:08 GMT |
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recession
production at lowest point
high unemployment
reduced spending on goods and services |
Phase 4 of business cycle |
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chunsah Wed, 23 Jan 2008 23:40:08 GMT |
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economy starts to slow down
people buy fewer goods and services
businesses cutting back production and laying off workers |
Phase 3 of business cycle |
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chunsah Wed, 23 Jan 2008 23:40:08 GMT |
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boom period
businesses working and selling at full capacity |
Phase 2 of business cycle |
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chunsah Wed, 23 Jan 2008 23:40:08 GMT |
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General Prosperity
people buying more goods and services
businesses produce more goods and services, and hiring more employees |
Phase 1 of business cycle |
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chunsah Wed, 23 Jan 2008 23:40:08 GMT |
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| types of insurance |
auto
health
liability
property
life |
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chunsah Wed, 23 Jan 2008 23:40:08 GMT |
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| the ups and downs of an economy |
business cycle |
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chunsah Wed, 23 Jan 2008 23:40:08 GMT |
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| a business that provides goods and services not to make a profit |
non profit organizations |
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chunsah Wed, 23 Jan 2008 23:40:08 GMT |
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| an organization in which a number of people share the costs of a business or buy and sell goods or services at the lowerst possible prices |
cooperatives |
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chunsah Wed, 23 Jan 2008 23:40:07 GMT |
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| a large business that has many owners |
corporations |
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chunsah Wed, 23 Jan 2008 23:40:07 GMT |
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| a business two or more people own |
partnership |
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chunsah Wed, 23 Jan 2008 23:40:07 GMT |
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| a business that one person or a married couple who choose to share the business, income, assets, and risk owns |
sole proprietorship |
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chunsah Wed, 23 Jan 2008 23:40:07 GMT |
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| the workers |
labor |
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chunsah Wed, 23 Jan 2008 23:40:07 GMT |
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| materials that came from the earth |
land and natural resources |
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chunsah Wed, 23 Jan 2008 23:40:07 GMT |
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| the tools, buildings, and machines used to make and provide services |
capital goods |
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chunsah Wed, 23 Jan 2008 23:40:07 GMT |
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| money used to produce goods and services |
capital |
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chunsah Wed, 23 Jan 2008 23:40:07 GMT |
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| individuals and the government share the decision-making process |
mixed economy |
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chunsah Wed, 23 Jan 2008 23:40:07 GMT |
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| economic decisions are made according to customs handed down from one generation to another |
Traditional Economy |
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chunsah Wed, 23 Jan 2008 23:40:07 GMT |
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| the government makes all economic decisions (i.e what products are made, how they're made, and who gets them) |
Command Economy |
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chunsah Wed, 23 Jan 2008 23:40:07 GMT |
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| individual consumers make basic economic decisions according to the principles of supply and demand |
Market Economy |
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chunsah Wed, 23 Jan 2008 23:40:07 GMT |
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| the amount of each good or service available to consumers |
Supply |
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chunsah Wed, 23 Jan 2008 23:40:07 GMT |
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