8 Ecoms The role of the Government
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Economics year 8, Role of the Government sector.
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6 Terms
1
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Supply and Demand
Economic concepts that describe the relationship between the quantity of a product and the desire for that product.
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Income Tax
Taxes taken directly from the income of individuals to fund public goods and services.
3
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Federal Budget
A financial plan outlining expected revenue and expenditures of the government for a fiscal year.
4
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Medicare
A government program that provides free or subsidized medical treatment.
5
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Scarcity
A situation in which demand exceeds supply.
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Surplus
A situation where supply exceeds demand, resulting in excess products.
Note 
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