Income & Earning
Term for total earnings before deductions
Gross Pay
Agency that collects taxes in U.S.
IRS
Total value of goods/services in a country
Gross Domestic Product (GDP)
Money earned from working
Income (or Wage)
Planning what/how to produce
Production Planning
Money you take home after taxes
Net Pay
Tax on purchases
Sales tax
Rising prices over time
Inflation
Record of money owed by government
National Debt
Monitoring production process
Production Control
Required deductions from paycheck
Payroll taxes
Annual form submitted to IRS
Tax return
Falling prices over time
Deflation
Level of wealth and comfort
Standard of living
Ensuring product meets standards
Quality Control
Government program for retirement income
Social security
Tax on personal earnings
Personal Income Tax
Severe economic downturn
Depression
Period of economic decline
Recession
Producing goods only after order
Made to Order
Health insurance tax program
Medicare
Difference when spending exceeds revenue
Budget Deficit
Period of economic growth
Prosperity
Return to growth after downturn
Recovery
Producing large quantities
Mass Production