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Java Games: Flashcards, matching, concentration, and word search. |
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unit 4,unit 5
Government involvement, Planned, market and mixed economies,
Hugget book pg 8-11
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| Direct taxes | Taxes taken by government on income and wealth. For example, individuals pay corporation tax. These taxes are collected by the Inland Revenue. |
| Factors of production | Land, Labour, Capital, and Entrepreneurship. |
| Indirect taxes | Taxes and duties taken by the government on spending, such as VAT and duties on drink and tobacco.These are collected by customs and exercise. |
| Infrastructure | The human-made enviroment such as roads, railways, housing, etc. |
| Opportunity cost | The alternative which is given up when you choose one thing in business instead of another. |
| Market economy | A system in which the economy is governed by supply and demand without any interference by the state. No country in real life has a total market economy. |
| Mixed economy | An economy in which some resources are comtrolled by the state and some by private firms and individuals, i.e. where a public and a private sector exist. |
| Planned economy | A system in which the state plans and controls the whole economy. |
| Private sector | That part of the economy controlledby private firms and individuals. |
| Public sector | That part of the economy which is controlled by the government, local authorities and public corporations. |
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