Taxation
What is the purpose of taxation?
Fund government services.
What is the private sector?
Part of the economy made up of private individuals and businesses.
What are stocks?
Shares of businesses that the common people can purchase.
What causes unemployment?
An economic recession where businesses are not willing to spend money on employees.
What causes inflation?
What common service do we (as students) use every day that is a product of taxes?
School/education.
What year/time period did government spending increase?
1930s.
What is an economic expansion?
The economy grows because people are spending more.
What is structural unemployment?
Over the last year, was the U.S. experiencing inflation?
Yes.
What type of tax does the average 16-year-old student pay?
Driver's license tax.
What does the government spend money on to help elderly individuals retire?
Social security.
What is an economic recession?
When the economy slows down for two or more consecutive quarters.
What is cyclical unemployment?
Unemployment directly related to swings in the business cycle.
What seasonal fruit is grown in Canada and can be subject to inflation during the winter?
What taxation is most popular in the news currently?
Tariffs.
Would Pepperdine University be a part of the private or public sector?
Private school = private sector.
What caused the stock market to decline in 2025?
Tariffs?
What is seasonal unemployment?
Employees only work part-time for a certain part of the year.
Will the tariffs affect inflation?
Yes, items will become more expensive.
List the three forms of taxation & describe them.
Proportional - Everyone pays the same %.
Progressive - Higher income = higher % taxed.
Regressive - Higher income = lower % taxed.
What is a pork?
A line-item budget expenditure that benefits a small group of people.
In 1998, what helped the economy?
The internet.
What big entity in Mammoth has seasonal employees?
Mammoth Mountain.
Is the housing market affected by inflation?
Yes, inflation makes houses more expensive.