Taxes and Fees
What is individual income tax based on?
Wages, salaries and investment earnings
These services are delivered by federal, state, and local government entities through many departments and agencies
Government Services
What are the 2 types of property rights?
Tangible Property and Intellectual Property
What is a traditional economy?
A traditional economy is a system where economic decisions are based on customs, traditions, and beliefs passed down through generations
What funds social security and medicare
payroll taxes
What is Public health
Health and human services, and programs to support people with disabilities.
What does tangible property refer to?
refers to physical assets that have a physical form
What is a command economy?
An economy in which production, investment, prices, and incomes are determined centrally by a government.
6.2% of wages paid by both the employee and employer, up to an annual wage cap.
What are some examples of public service
Law enforcement, emergency management, and fire departments.
What does Intellectual Property refer to?
Refers to creations of the mind
What is a market economy?
A market economy is an economic system in which decisions regarding production are guided by the citizens in the workplace
The U.S taxes are placed in what 3 categories?
Federal, State and Local
What does government services fund
Education public health and public safety
What are some examples of tangible property?
Real Estate, cars, household items, business equipment, etc.
A mixed economy combines elements of both a market economy and a command economy, balancing private enterprise with government intervention.
Why are government taxes mandatory
To fund public services, while fees are charges for specific government services or activities.
What other topic contains government services
Postal Services
What is a example of Intellectual Property
patents for inventions like software or drugs, copyrights for creative works such as books, music etc.
What economy does Japan live in?
High developed mixed economy