Social Chapter 8 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
GST
goods and services tax, 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 the 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
Tax evasion
misrepresenting what you earn to avoid paying taxes
Underground economy
Economic activity based on buying and selling products and services illegally
