Econ 14
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| Tax | A required payment to a local, state, or national government
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| 4 Characteristics of a good tax | Simplicity-easy to understand, efficient-able to assess and collect without spending too much time or money, Certainty-clear to taxpayer how much and when it's due, Equity-fairness
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| Revenue | Income received by a government form taxes and other non-tax sources
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| Progressive Tax | A tax for which the percentage of income paid in taxes remains the same for all income levels
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| Proportional Tax | A percentage of income is paid in taxes and remains the same for all income levels
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| Regressive Tax | The percentage of income paid in taxes decreases as income increases
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| Tax Base | The income, property, good, or service that is subject to a tax
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| Individual income tax | Tax on a person's earnings
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| Corporate income tax | Tax based on a company's profit
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| Property tax | Based on real estate and other property
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| Sales tax | Based on goods or services that are sold
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| Incidence of a tax | The final burden of a tax
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| Tax return | Form used to file income taxes
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| Withholding | Taking tax payments our of an employee's pay before he or she receives the pay check
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| Taxable Income | The earnings on which tax must be paid; total income minus exemptions and deductions
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| Personal Exemption | A set amount that taxpayers may subtract from their gross income for themselves, their spouse, and any dependents (kids)
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| Tax Deduction | A variable amount that taxpayers may subtract from their gross income
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| Tax credit | A variable amount that taxpayers my subtract from the total amount of their income tax
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| Estate tax | Tax on the estate, or total value of the money and property, of a person who has died
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| Gift Tax | A tax on money or property that one living person gives to another
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| Excise tax | Revenue tax on sale of good already included in price (Example: gas, cigarettes, alcohol, phone, cable)
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| Tariff | Tax on imported goods
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| Tax incentive | The use of taxation to discourage or encourage certain types of behavior
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| Mandatory Spending | Spending that Congress is required by existing law to so (Example: Medicare, Social Security)
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| Discretionary Spending | Spending in which Congress is free to make choices/ Military Defense, Education, Student Loans. Law Enforcement, Environmental Sleanup, Disaste Aid
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| Entitlement | Social welfare program that people are "entitled" to if they meet certain eligibility requirements
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| Social Security | Available to those retired or disabled to supplement income benefits
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| Medicare | Serves people over age 65 for use of hospital care, cost of physicians, and other medical services
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| Medicaid | used by low=income families, persons with disabilities, and elderly in nursing homes for medical and health related services
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| Budget | Estimate of future revenue and expenses
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| Operation Budget | Budget for day to day spending needs
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| Capital Budget | Budget for spending on major investments
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| Balanced Budget | Budget in which revenues are equal to spending
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| Tax Exempt | Not subject to tax
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| Real Property | Land any any permanent structures on the land wo which a person has legal title
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| Personal Property | Movable possessions of assets (not real property)
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| Tax Assessor | An official who determines the value of a property
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| Where are state taxes spent? | Education, public safety, highways, transportation, public welfare, arts and recreation, administration,
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| Human Capital | The skills and knowledge gained by a worker through education and experience
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| Shortage | A situation in which quantity demanded is greater than quantity supplied
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| Safety Net | Government programs designed to protect people from economic hardships
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| Incentive | Anything that offers rewards to people who change their behavior
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| Centrally Planned Economy | Government bureaucracy decides how munch of each product to produce, how to produce the good, and who gets the good
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| Privatization | Letting the private sector take over an area that was typically run by the government
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| Private Property | Any good that is owned by an individual or a business
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| Karl Marx | 1818-1883 19th century philosopher,political economist, sociologist. Called the "father of Communism" People are to believe in a classless society
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| Adam Smith | Wrote "The Wealth of Nations". advocated the idea of Laissez-fare; or government not involving them selves in the economy
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| In what way does the free market encourage individuals to be successful? | It encourages people to be inventive and prosperous because in this economic system people have the freedom to act in their
own best interest
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| How has specialization affected the United States Economy? |
Because we don't make everything we need, we specialize in specific area making goods which we will use to sell or trade with other countries for goods we want but do not make
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| Why have free market economies been more successful than centrally planned economies ? | People answer the three key economic questions in a free market economies. On
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