Across
- 4. the sum of a nation's annual budget deficits and as of December 2023, the total was $33.1 trillion
- 6. are goods which are bought and used together ยท
- 7. there are more goods and services available in an economy than consumers purchase
- 10. a U.S. government health insurance program covering primarily people age 65 or older
- 12. the U.S. government agency responsible for collecting federal taxes and enforcing tax laws
- 13. a reimbursement to taxpayers who have overpaid their income taxes, often due to having employers withhold too much from paychecks.
- 14. price in a market at which the quantity demanded equals the quantity supplied
- 15. tax levied by a local government and paid by the owners of real estate, which is the main source of revenue for most local governments and are used to fund schools
- 16. occurs when money going out (spending ) exceeds money coming in (revenue ) during a defined period
- 17. condition where the quantity of a product or service demanded is greater than the quantity supplied at the market price
- 19. states that a higher price leads to a higher quantity supplied and that a lower price leads to a lower quantity supplied
- 21. means that when the price goes up, consumers' buying habits stay about the same
- 22. a product or service that replaces another good with very little to no difference to the consumer
- 24. a broad rise in the prices of goods and services across the economy over time
- 26. tax that imposes a larger burden (relative to resources) on those with lower incomes
- 29. levied by the federal government on the annual earnings of individuals and businesses and the tax is progressive, meaning that the tax rate increases with increased income
Down
- 1. sometimes referred to as a flat tax and levies the same percentage tax to everyone regardless of income
- 2. tax takes a larger percentage of income from high-income groups than from low-income groups
- 3. states that when the price of a product goes up, the quantity demanded will go down
- 5. the process in which working people, through their unions, negotiate contracts with their employers to determine their pay, benefits, hours, leave, and safety policies.
- 8. a federal insurance program that provides benefits to retired people and those who are unemployed or disabled
- 9. form that shows the income you earned from your employer and the amount of taxes withheld from your paycheck
- 11. the central bank of the United States and conducts national monetary policy by influencing interest rates
- 18. means that the country is importing more goods and services than it is exporting
- 20. term used to describe how trade and technology have made the world into a more connected and interdependent place
- 23. illegal practice in which businesses work together to set the prices of competing products
- 25. goods and services can be bought and sold across international borders with little or no government tariffs or quotas
- 27. tells lenders about your creditworthiness, how likely you are to pay back a loan based on your credit history
- 28. a tax imposed by the government on imported goods from other countries