Chapter 8 key vocabulary Flashcards
Social program
services provided by government to reduce economic inequalities and promote the well-being of citizens
Health insurance
an agreement by a company to pay for your health services, in exchange for a fee that you pay each month or each year
Private health care
health care paid for by individuals
Public health care
health care paid for by taxes
Pension
a regular payment made during a person’s retirement from an investment fund to which that person or their employer has contributed to during their working life
Profit
money made from a product or service above and beyond the cost of providing the product or service
Goods and service tax (GST)
a federal sales tax in Canada
Income tax
tax based on a percentage of a person’s income
Median
a concept in statistics that means the middle number in a set of data organized in order of least to most
Sales tax
tax paid at the time of buying a product or service, and based on a percentage of the price of the product or service
Black market
another term for underground economy
Tax base
all the economic activity in a society, taxed by government to pay for services
Tax evasion
misrepresenting what you earn to avoid paying taxes
Taxation model
a policy of a political party or government about what to tax, how much to tax, and how to spend taxes
Underground economy
economic activity based on buying and selling products and services illegally
