Social - Chapter 8 Flashcards
Social Program
Services provided by the 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.
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 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 (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.
Equity
The quality of being fair and impartial or the value of shares issued by a company.
