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TAXONOMICS
GOVERNMENT'S ROLE
ECONOMIC STABILITY
TAX STRUCTURES
TYPES OF UNEMPLOYMENT
100
A tax deducted directly from employee paychecks
WHAT IS PAYROLL TAXES?
100
The power to force the transfer of property from a private owner to the Government for a public purpose
WHAT IS EMINENT DOMAIN?
100
Legislation specifically designed to stimulate business activity
WHAT IS ECONOMIC STIMULUS?
100
A tax that takes the same share of income at all income levels.
WHAT IS PROPORTIONAL TAX?
100
Having no paying job.
WHAT IS UNEMPLOYMENT?
200
A tax on company profits.
WHAT IS CORPORATE INCOME TAXES?
200
Clause that no person shall be deprieved of life,liberty, or property without due process.
WHAT IS THE TAKING CLAUSE?
200
List of households into five equal parts.
WHAT IS QUINTILES?
200
A tax that takes a larger share of income as income increases.
WHAT IS PROGRESSIVE TAX?
200
When a person seeks to enter the workforce or quits one job to seek another.
WHAT IS FRICTIONAL UNEMPLOYMENT?
300
Taxes charged for the use of public facilities.
WHAT IS USER FEES AND TOLLS?
300
When competitors agree on a price for a good or service.
WHAT IS PRICE FIXING?
300
Tool for measuring the distribution of income.
WHAT IS POVERTY RATE?
300
Percentage of income that is paid in tax
WHAT IS TAX RATE?
300
When there is a decline in business activity during an economic downturn
WHAT IS CYCLICAL UNEMPLOYMENT?
400
Taxes on the sale of certain goods, services, and high-priced luxury items.
WHAT IS EXCISE & LUXURY TAXES?
400
When competitors agree in advance who will submit the winning bid
WHAT IS BID RIGGING?
400
Policy designed to reduce the gap between the rich and the poor
WHAT IS INCOME REDISTRIBUTION?
400
The thing that is taxed, such as personal income, a good sold at a store, or a piece of property
WHAT IS TAX BASE?
400
When advances in technology eliminate jobs.
WHAT IS STRUCTURAL UNEMPLOYMENT?
500
Taxes levied on some or all of the estate a person leaves behind at death.
WHAT IS ESTATE & INHERITANCE TAXES?
500
A unit of Government that makes and enforces standards for an industry or area of economic activity.
WHAT IS REGULATORY AGENCY?
500
The estimated minimum income needed to support a family.
WHAT IS POVERTY THRESHOLD?
500
A tax that takes a smaller share of income as income increases.
WHAT IS REGRESSIVE TAXES?
500
When businesses shut down or slow down for part of the year.
WHAT IS SEASONAL UNEMPLOYMENT?