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