Economics Vocabulary

2. year-a 12-month period for which an organization plans its expenditures
3. sector-the part of the economy that is owned by individuals or businesses
5. tax-a tax on the production or sale of a specific good or service
8. fee-money charged for the use of a good or service
9. assessor-a government official who determines the value of property to be taxed
10. budget-a plan for major expenses or investments
12. payments-money distributed to individuals who do not provide goods or services in return
14. tax-a tax on the assets of a person who has died
15. spending-spending that the government must authorize each year
17. spending-government spending that is required by current law
18. amounts of money put aside for specific purposes
19. budget-a plan for day-to-day expenses
20. transfer payment from the federal government to state or local governments

1. budget-a budget in which total government revenue is equal to total government spending
4. tax-a tax on money or property given by one living person to another
6. welfare programs with specific requirements
7. government-run, national health insurance program mainly for citizens over age 65
11. budget-a plan for spending federal tax money
13. government-run medical insurance program for low-income people
16. duty-a tax on goods imported into the United States