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16 Cards in this Set
- Front
- Back
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Consumerism
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An economic theory that links prosperity to consumer demand for goods and services, and that makes consumer behavior central to economic decision making
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Boycott
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a decision by consumers to stop buying a product or service as a way to bring about change
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Social program
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Services provided by government to reduce economic inequalities and promote the well being of citizens
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Health insurance
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An agreement by a company to pay for your health services in exchange for a fee that you pay each month or year
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Private health care
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health care paid for by individuals
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Profit
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money made from a product or service above and beyond the cost of providing the product or service
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public health care
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health care paid for by taxes
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goods and service tax (GST)
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a federal sales tax in Canada
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income tax
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a tax based on a percentage of a persons income
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median
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a concept in statistics that means the middle number in a set of data organized in order of least to most common
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sales tax
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tax paid at the time of buying a product or service and based on a percentage of the price of the product or service
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black market
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another term for underground economy
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tax base
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all the ecnomic activity in a society taxed by government to pay for services
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tax evasion
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misrepresenting what you earn to avoid paying taxes
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taxation model
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a policy of a political party or government about what to tax E.g., incomes or purchases. how much to tax and how to spend taxes
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underground economy
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Economic activity based on buying and selling products and services illegally
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