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19 Terms

1

Fiscal Policy

Refers to the government's management of public spending and taxation to influence the economy.

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2

Expansionary Fiscal Policy

Aims to grow the economy through increased government spending and lower taxes.

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3

Contractionary Fiscal Policy

Intended to slow economic growth by reducing government spending and raising taxes.

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4

National Budget

A financial plan created by the government indicating how much will be spent and how the funds will be sourced.

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5

Ability to Pay Theory

A tax theory stating that tax burdens should be based on an individual's income and ability to pay.

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6

Benefit Theory

A tax theory suggesting that those who benefit from public services should pay taxes according to the benefits received.

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7

Tax Types

Categories of taxes including personal income tax, corporate income tax, property tax, and more.

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8

Direct Tax

A tax that is directly paid to the government by the taxpayer, such as income tax.

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9

Indirect Tax

A tax collected by an intermediary and paid to the government, such as VAT.

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10

Excise Tax

A tax on specific goods and services, often aimed at reducing consumption of harmful products.

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11

Fiat Money

Currency that a government has declared to be legal tender, not backed by a physical commodity.

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12

Commodity Money

Money that has intrinsic value; it is based on a physical commodity such as gold or silver.

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13

Credit Money

Money that is created through bank loans and is not in physical form.

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14

Regulatory Tax

A tax imposed to control and limit certain activities, often to discourage negative behavior.

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15

Public Services

Services provided by the government to its citizens, including education, health care, and infrastructure.

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16

Government Revenue Sources

Main sources of government funds including taxes, tariffs, and fees.

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17

Budget Execution

The process through which the budget is carried out by government agencies.

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18

Estate Tax

A tax imposed on the transfer of property upon the death of the owner.

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19

Sin Tax

A tax levied on goods deemed harmful, such as tobacco and alcohol.

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