Government Roles
This group of people is in favor of less government involvement
Who are conservatives?
Goods and services that are provided by the government and consumed by the public
What are public goods?
The name for taxes that come out of your paycheck
What is payroll tax?
Pollution is THIS type of externality
What is a negative externality?
Decisions made by different levels of government are made in this sector
What is the public sector?
This economic function of government takes money from those with higher incomes and gives it to those with lower incomes
What is "Redistributing Income"?
What is a safety net?
There are local, state, and THIS type of tax
Raising property values is this type of externality
What is a positive externality?
This group of people would be in favor of public transfer payments that support the less fortunate
Who are liberals?
This economic function creates and enforces anti-trust laws and regulate natural monopolies
What is "Maintains Competition"?
Payment in which the government transfers income from taxpayers to recipients who do not provide anything in return
What is a public transfer payment?
New York state uses this tax structure (no income tax, flat income tax, graduated tax)
What is a graduated tax structure?
Defining property rights, fines, and taxes are examples of THIS
What is limiting negative externalities?
What is "Provides Goods and Services"?
The name for a free enterprise economic system with some government protections, provisions, and regulations
What is a modified free enterprise economy?
Public transfer payment is most characteristic of what economic system?
What is a command economy?
This tax assists people when they retire.
What is social security tax?
Tax breaks, incentives/rewards, and subsidies are an example of THIS
Deciding if Big Tech is too powerful or if two companies can merge is representative of this economic function of government
What is "Maintaining Competition"?
This economic function of government creates laws & contracts, regulates banks, defines property rights, establishes patents, etc.
What is "Maintaining Legal and Social Framework"?
SNAP is a program that supplies this for people in need
What are food stamps?
This tax is imposed on goods that pose a threat to people's health or wellbeing
What is a sin tax?
A government payment that helps cover the cost of an economic activity that is considered to be in the public interest
What is a subsidy?
This economic function of government is concerned with the "spill over" to third parties
What is "Correcting Externalities"?