Government and Economics Flashcards
What is an incentive?
Something that motivates or encourages a person to do something.
What is a subsidy?
Financial assistance that the government provides to cover part of the cost of an item.
What are progressive taxes?
Types of taxes in which people with higher incomes pay a larger percentage of their income than those with lower incomes.
What are regressive taxes?
Type of taxes in which people with lower and middle income pay a larger percentage of their income than the rich.
What are flat taxes?
A type of tax system in which everyone pays the same percentage of their income.
What is property tax?
Yearly taxation of owned land and buildings, is typically based on a small percentage of the total value of the property.
What are crown corporations?
Companies created and owned by the government of a country or province.
What is privatization?
The action of selling companies to investors and turning them into private companies.
What is supply?
Supply refers to how much of an item is available in the market.
What is demand?
Demand refers to the quantity of an item that people want and the extent to which they desire it.
What is elastic demand?
Refers to demand for products that are not necessary, or can easily be replaced.
What is inelastic demand?
Refers to demand for products that are necessary and can not be easily replaced.
What are constituents?
A constituent is a member of a riding who is represented by elected officials.
What is a riding?
Geographical divisions based on the size or population that elects a representative.
What is a nomination?
Choosing a candidate to run for office.