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Econ Test- Pfan

Pfan Econ Terms 2

QuestionAnswer
Each taxpayer pays the SAME percentage of income Proportional Tax
Central BANK that provides SERVICES to US banks and REGULATESE their activities Federal Reserve System
An amount of MONEY BORROWED for a certain time period Loan
Coins and paper bills used as MONEY in an economy Currency
A tax that takes a larger percentage of taxes from a person with a LOWER income than a person with a higher income Regressive Tax
A tax that takes a larger percentage of taxes from a person with a HIGHER income than a person with a lower income Progressive Tax
When the overall price level is increasing Inflation
exchanging goods and services for other goods and services bartering
Created by: ekeasley
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