Economics Chapter 15 Vocab.

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BA-110 w/ Perez

19 Terms

1

public finance

The study of government expenditure and tax policy and of their impact on the economy.

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2

government expenditures

All spending by government agencies.

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3

government revenue

All funds received by government agencies.

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4

government purchases

Goods or services purchased by a government agency.

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5

transfer payments

Payments made by government agencies to individuals in the form of grants rather than in return for labor or other services.

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6

balanced budget

Situation that occurs when a government’s revenues equal its expenditures for a particular period.

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7

budget surplus

Situation that occurs when a government’s revenues exceed its expenditures.

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8

budget deficit

Situation that occurs when government expenditures exceed revenues.

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9

merit good

Goods whose consumption the public sector promotes, based on a presumption that many individuals do not adequately weigh the benefits of the good.

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10

demerit good

Goods whose consumption the public sector discourages, based on a presumption that individuals do not adequately weigh all the costs of these goods.

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11

progressive tax

A tax that takes a higher percentage of income as income rises.

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12

proportional tax

Tax that takes a fixed percentage of income, no matter what the level of income.

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13

income taxes

Taxes imposed on the income earned by a person or firm.

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14

property taxes

Taxes imposed on assets.

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15

sales tax

Taxes imposed on the value of goods sold.

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16

taxable income

The amount of income that is actually subject to any tax.

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17

public interest theory

Theory that assumes that the goal of government is to seek an efficient allocation of resources.

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18

public choice theory

Body of economic thought based on the assumption that individuals involved in public sector choices make those choices to maximize their own utility.

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19

cost benefit analysis

. A type of economic analysis that seeks to quantify the costs and benefits of an activity.

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