Revenue
Budget Spending
Economic Systems
Developing Countries
Vocabulary
100
This funds the revenue for the national government.
What are taxes?
100
This money spent funds military operations and weapons development.
What is defense spending?
100
The economic system of many tribal Aborigines in Australia, and parts of Africa.
What is traditional economy?
100
Countries that have not developed or are in the process of developing technology and infrastructure.
What is a developing country?
100
When a government spends less than it brings in in revenue.
What is a government surplus?
200
This tax is the highest source of revenue for the Federal Government.
What is income tax?
200
This programs funds retired people.
What is Social Security?
200
The economic system of the United States?
What is a market or mixed economy?
200
Developing countries in North American and the Caribbean.
What are Mexico, Cuba, Haiti, Dominican Republican, etc.?
200
A spending deficit.
What will occur when the government spends more than it brings in revenue?
300
This tax provides revenue to fund retired people.
What is social security tax?
300
This provides health care funding for retired people.
What is medicare?
300
Former Soviet Union, North Korea, China, Cuba.
What are examples of command economies?
300
China, India, Vietnam, etc.
What are countries that are developing in Asia?
300
A condition that exists because a government does not have all the goods or resources needed to produce what everyone wants.
What is scarcity?
400
These are 3 items you can be taxed for with excise taxes.
What are alcohol, cigarettes, jewelry, and gas?
400
This program provides health care money for poor individuals NOT retired yet.
What is medicaid?
400
The other names of command system and market system.
What are communism and capitalism?
400
The process of countries repossessing land and resources, or government taking control of a certain industry.
What is nationalization?
400
A risk taker who organizes and directs the production of goods and services in search of profit.
What is an entrepreneur?
500
$2,360,000,000,000.00
What is the total amount of tax revenue from 2010?
500
The total estimated budget of spending in 2010.
What is $3,600,000,000,000.00?
500
The authors and respective creators of capitalism and communism?
Who are Adam Smith and Karl Marx?
500
The the market value of all officially recognized final goods and services produced within a country in a given period of time.
What is Gross Domestic Product (GDP)?
500
The difference between the amount of money used to operate a business and the money it takes in.
What is profit?
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