| A | B |
|---|
| a situation in which any person who wants and is able to work should be able to find a job | Full employment |
| a tax on what individuals and businesses earn | Income Tax |
| charges on purchases of goods and services, usually a percentage of the price | Sales Tax |
| the tracking by the federal government of all the income and spending happening in the overall economy | National Income Accounting |
| an increase in the production of goods and services, which may provide citizens with higher standard of living | Economic Growth |
| a decrease in the overall price level | Deflation |
| state's government intention to promote employment, production, and purchasing power | Employment Act of 1946 |
| Income | Revenue |
| each taxpayer pays the same proportion, or percentage | Proportional Tax |
| takes a larger percentage of income from lower-income person | Regressive Tax |
| takes a higher percentage of income from those with a higher income than it does from those with a lower income | Progressive Tax |
| a tax that directly affects the person against whom it is levied | Direct Tax |
| a tax paid by someone other than the person against whom it is charged | Indirect Tax |
| a charge on certain goods, such as alcohol, gasoline and tobacco | Excise Tax |
| a certificate that people buy from the government, which agrees to pay back the cost of the bond, plus interst | Bond |
| state sponsored game in which players buy tickets hoping to win a cash prize | Lottery |
| benefits of a tax should go to those who pay it | Benefits received Principle |
| a citizen pays a tax in relation to how much they are able to pay | Ability to pay principle |
| when a government spends less than the tax revenues it recieves | budget surplus |
| when a government's spending equals the tax revenues it receives | balanced budget |
| benefits paid by the government to people who are by law entitled to them | entitlement programs |
| market,business sector | private sector decisions |
| government decisions | public sector decision |
| the total amount of money the government owes to lenders | National Debt |
