Taxes & Government
What do governments collect from individuals and businesses to fund public services?
taxes
What is the money a worker receives for doing a job called?
wages
What is money borrowed to help pay for college called
What do we call an organization that sells goods or services to customers?
Business or company
What is the process of choosing public officials by casting a ballot called?
voting
Which type of tax is commonly applied to purchases at stores?
sales tax
What is the lowest hourly pay employers are legally required to provide to covered workers under applicable law called?
minimum wage
grant or scholarship
What is the general increase in prices over time called?
inflation
Which level of government often makes decisions about city streets, local services, and some local taxes
Local government
What is a government's plan for collecting and spending money called?
budget
What government policy can influence how much money workers take home after taxes?
tax policies
Name one way state funding decisions can affect public colleges.
Affect tuition, staffing, academic programs. or student services
What is financial assistance provided by a government to eligible businesses sometimes called?
subsidy
True or false: Elections can influence economic policies even if they do not immediately change prices.
true
Name one public service that local that local tax revenue may help fund?
public schools, roads, libraries, or emergency services
How might government investment in roads and public transportation affect employment?
How can voting on school funding influence students' future earning opportunities?
School funding can affect educational resources, skill development, and access to opportunities
How might public investment in roads and internet access help small businesses?
It can improve transportation, connectivity, and access to customers
Why might two voters support different economic policies?
They may have different priorities, experiences, and opinions about how public resources should be used
How can voting on a local tax measure affect a community's economy?
How could government funded job training programs affect the economy over time?
They can help workers develop skills, qualify for more jobs, and potentially earn higher wages
Name one way elected officials can influence college affordability
Through decisions about financial aid, public funding, and education policy
How could changes in banking regulations affect consumers and businesses?
They can affect lending practices, consumer protections, and access to credit
Name one way voters can hold elected officials accountable for economic decisions.
By evaluating officials' records, contacting their representatives, or voting in elections