Study Social Studies Flash Cards

 
Pile Management Card
Social Studies

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