Economics Lecture: Economic Systems, PPF, and Public Policy

Vocabulary flashcards covering production possibility frontiers, economic systems, capitalism, socialism, public finance, and Social Security policies based on the lecture.

Mixed Capitalism

An economic structure that blends private enterprise and market incentives (capitalism) with public sector ownership and social programs (socialism).

Georgia State Income Tax

A $5\%$ flat tax rate levied on individual income by the State of Georgia, the revenue of which heavily finances the state's public university system.

Social Security

A federal social insurance program providing direct income assistance to elderly retirees to reduce poverty and prevent homelessness among individuals past working age.

Quarters of Coverage (Social Security)

The earnings credit unit used to calculate Social Security eligibility and payout, requiring a worker to accumulate at least $40$ quarters ($10$ years) of qualifying employment, with benefits determined by their highest-earning quarters.