Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password

Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.

Term

Taxes
click to flip
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't know

Term

Property Tax
Remaining cards (31)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

SS Economics 2

Vocabulary to help study :) pt.2

TermDefinition
Taxes A government's main source of income
Property Tax Money you pay to the local government based on the worth the worth of the land you own.
Income Tax Money that individual people pay based on how much money they make
Corporate Tax Similar to income tax, but it is payed by a corporate or business based on money earned by that group.
Payroll Tax Employers will deduct money out of your paycheck, and that money will go to social security and medicare
Mandatory Expenses Expenses that the government MUST pay for by law I.e: Social Security, Medicare
Discretionary Expenses Expenses that the government gets to decide on how much money they should spend on THIS each year
HDI (Human Development Index) A statistic created by the UN to measure the quality of life the citizens in a country possibly have Measured between 0 and 1, the closer a country is to 1 the better the quality of life is.
Standard of Living Measures the economic opportunity part of the HDI Measures how comfortable people's lives are based off of the strength of the economy in a country
GDP (Gross Domestic Product) The total value of all goods and services produced within a country in a year (Example: China with 14 billion)
GDP per Capita GDP divided by total population (Example: china with GDP of 14 bil only has GDP per capita of 10,000)
GNI (Gross National Income) per Capita Looks at the income of residents
Developed Country A country that has a productive economy and a high standard of living (I.e America, Japan)
Developing Country A country with a less productive economy and a lower standard of living (I.e Nigeria, India)
International/Foreign Trade Two people trading who are from different countries
Exports Things made in a certain country that exit to be sold into another country (i.e America to China)
Imports Things made in another country that come into a certain country to be sold (i.e China to America)
Tariff A tax on imported goods Also a trade barrier
Domestic Trade Trade done where the producer and the consumer are in the same country
Free Trade The removal of all trade barriers (including Tariff!)
Tax breaks The government reduces taxes on something due to the buyer benefiting society from that purchase I.e no tax on electric cars in NJ
Tax Write-offs When an individual makes a donation, that amount of money will get deducted from their taxes i.e KARS for Kids
Subsidies Money given to a company to help them remain competitive I.e Apple was given $891 million to bring factories to America
Patents This legally protects an idea for a new product or process from being stolen or copied for a specific amount of time This exists so it incentivizes innovation
Economic Systems This describes the way society makes about distributing resources, goods, and services
Command Economy All 4 economic questions are answered by the government, no producers or consumers i.e North Korea
Market Economy All 4 economic questions are answered by producers and consumers only There are none of these in the world
Traditional Economy All 4 economic questions are answered by what the country has always done No country is 100 percent of this No modern technology
Mixed Economy All 4 economic questions are answered by a mix of the government, producers and consumers. This is the majority of the world.
Economic Ideology More specific than an economic system and includes ideas of economics, society and politics I.e Capitalism, Communism, Feudalism, Socialism
Economic Spectrum One end being pure command, the other being pure market mixed is everything in between Traditional is NOT on this.
Capitalism An economic ideology in which the citizens own businesses and decide what to make. On the economic spectrum, it leans towards market.
Created by: user-1823721
Popular Economics sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards