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14 Cards in this Set
- Front
- Back
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Social Program:
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Services provided by government to reduce econmic 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 free that you pay each month for each 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 Services Tax (GST)
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A federal sales tax in Canada
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Income Tax:
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Tax bases on a percentage of a person's 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
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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 economic 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, 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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