test revision Flashcards
progressive tax system
the more money you earn the more you pay and if you earn under a certain amount you get your tax money back
how does the government intervene in the economy?
regulations, taxation, subsides
what is an economic boom?
when the economy is at its best and the rate of unemployment has gone down creating more jobs
what is a recession
a temporary period of economic decline
how do we measure the progress of an economy
GDP
what do we have to olook at when calcculationg inflation rates?
the general increase of prices of goods and services overallq
4 types of unemployment
seasonal frictional structural cyclial
how does center link help and why
because the governments job is to help us and create incentives for those who are too lazy to get a job
three social catogires that recieve welfare
disability-pension or assistants
uni student- hex
single mother pension
crisis payment
what is GDP
gross domestic produce
what is gpi
genuine progress indicator
what does our tax go towards
school hospitals parks roads
advantage and disadvantage or progressive tax stsem
the more you earn the more you pay
its fair
what are exchange rates and how do they work
the value of money converted from one country to another,
