Chapter 8 Vocab Flashcards
Social programs
services provided by the government to reduce economic inequalities and promote the wellbeing 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
Profit
Money made from a product or service above and beyond the cost of providing the product or service
Public Health Care
Health care paid for by taxes
Goods and Services 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, which government taxes to pay for services
Taxation model
Government policies about taxation, such as what to tax (e.g., incomes, purchases), how much to tax, and how to spend taxes
Underground Economy
Economic activity based on buying and selling products and services illegally
