Economics Vocabulary

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Across
  1. 5. where the proportion of income paid in tax rises as the income of the taxpayer rises
  2. 9. Tax on imported goods (brought from other countries)
  3. 10. A sustained increase in the general price level of goods and services in an economy over time
  4. 11. government’s spending and revenue plans for the next year
  5. 13. When people who are willing and able to work cannot find a job.
  6. 16. taxes levied on spending, such as VAT
  7. 18. decisions about government spending, taxation and levels of borrowing that affect aggregate demand in the economy
  8. 20. tax on some goods and services – businesses pay value-added tax on most goods and services they buy and if they are VAT registered, charge value-added tax on the goods and services they sell
  9. 22. amount by which government revenue exceeds government spending
  10. 24. poverty that is defined relative to existing living standards for the average individual
  11. 26. An increase in the output of goods and services in an economy over time
  12. 27. fiscal measures designed to reduce demand in the economy
  13. 29. where people do not have enough resources to meet all of their basic human needs
  14. 30. Tax on the money you earn from working.
Down
  1. 1. rate of interest set by government or regional central banks for lending to other banks, which in turn influences all other rates in the economy
  2. 2. Tax on company profits
  3. 3. The difference between a country’s exports and imports of goods, services, and income flows
  4. 4. amount by which government spending exceeds government revenue
  5. 5. tools governments use to implement their policies, such as interest rates, rates of taxation, levels of government spending
  6. 6. tax system that places the burden of the tax more heavily on the poor
  7. 7. amount of money circulating in the economy
  8. 8. differences in income that exist between the different groups of earners in society, that is, the gap between the rich and the poor
  9. 12. graphical representation of the degree of income or wealth inequality in a country
  10. 14. Tax paid by people who live in houses or apartments to help local services (like garbage collection)
  11. 15. legal arrangement where you borrow money from a financial institution in order to buy land or a house, and you pay back the money over a period of years; if you do not make your regular payments, the lender normally has the right to take the property and sell it in order to get back their money
  12. 17. total amount of money owed by a country
  13. 19. fiscal measures designed to stimulate demand in the economy
  14. 21. use of interest rates and the money supply to control aggregate demand in the economy
  15. 23. price of borrowing money
  16. 25. taxes levied on the income earned by firms and individuals
  17. 28. particular costs, such as taxes or interest payments, seen as a problem, especially when they are high