Economics of Govt (Ch. 16/23)
Terms in this set (38)
A tax in which the average tax rate rises with income. People with higher incomes will pay a higher percentage of their income in taxes.
flat rate tax
a tax on certain items such as alcohol, tobacco, and gasoline
A tax on the estate, or total value of the money and property, of a person who has died
A tax paid on gifts of cash or property. The tax is paid by the donor
A declaration of taxable income and of the exemptions and deductions claimed.
Tax (tariff) on goods brought into the United States.
A sum paid or charged for the use of money or for borrowing money
The amount by which expenditures exceed income
the total of the nation's debts: debts of local and state and national governments
human made resources used to produce goods and services
individual who uses the factors of production to produce goods and services
firm that is the only source of a good or service
several companies, same line of business, combine to control the market
government should play a very limited role in the economy
provides extensive social services at little or no cost to the public
state ownership of production
privately owned production
goal of a centrally planned economy to obtain a certain level within a given time
education aid, military expenditures, environmental protection programs
Social Security, Medicare, unemployment benefits
taxation, nationalism, public welfare
role of the party, collectivization, 5 year plan, state ownership
factors of production
land, labor, capital, entrepreneuer
wealth distributed equally throughout a society
collective or state ownership of all production property
private ownership with wealth equity
father of modern day Socialism
Law of Demand
prices go down, demand goes down
Law of Supply
prices go down, supply goes up
maintain police and courts, provide foreign relations and national defense, functions not provided for by private enterprise
country that experienced Great Leap Forward
Limits on Congress's power to tax
cannot charge export taxes, all taxes must be same rate for states, taxes must be used for public purposes, taxes must be equally apportioned among the states
Reasons Congress would borrow money
to fund large scale projects, for crisis situations and large scale projects
authorizes all federal borrowing
First income tax in 1861 was levied to provide funds for which war?
government agency that collects personal income taxes.
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