Government Budgets Economic Mixed Bag Gov’t Revenues Business and Labor Executive Departments

-This is the economic term for the money that is received? Row Question

-revenue Row Answer

-Name the economic term for the money that is spent? Row Question

-expenditures Row Answer

-What term describes the process of spending more money than you have? Row Question

-deficit spending Row Answer

-This term is used to describe the large amount of money the government borrows each year when they spend more than they received? Row Question

-national debt Row Answer

-Name the concept that in North Carolina, governments can not spend more money than it has received? Row Question

-balanced budget Row Answer

-This is the term for a year period of time in respect to a government or business budget? Row Question

-fiscal year Row Answer

-This is the idea that there is not enough of a product for everyone to have and this fact causes goods to have a value. Row Question

-scarcity Row Answer

Row Question -Situation when demand is greater than the supply of a product---price will usually increase?

-shortage Row Answer

Row Question -Situation when supply is greater than demand---price will usually decrease?

-surplus Row Answer

-Term describing the situation when one nation produces a product better or cheaper than other nations? Row Question

-comparative advantage Row Answer

-This is a type of tax that is based on the ability of a person to pay and people who make more money should pay a greater percentage? Row Question

-progressive Row Answer

-Type of tax that is paid on an equal percentage by everyone-- -can be unfair to those with less of a disposable income? Row Question

-regressive Row Answer

-Tax that is based on the money one earns and this tax is usually progressive? Row Question

-income tax Row Answer

-Which tax is placed upon certain items such as gas, alcohol, and cigarettes? Row Question

-excise tax Row Answer

-Tax rate that is placed upon certain items as they are imported into the nation? Row Question

-tariffs Row Answer

-What group coordinates the government’s response to natural disasters? Row Question

-FEMA Row Answer

-This agency inspects visitors and goods as they enter the nation? Row Question

-Customs Row Answer

-This agency protects the President, VP, and other important officials? Row Question

-Secret Service Row Answer

-This newest department oversees the security of Americans in the aftermath of the 9-11 terrorist attacks? Row Question

-Homeland Security Row Answer

-What is the VA? Row Question

-Veteran’s Administration Row Answer

-Name for two or more businesses becoming one larger business? Row Question

-merger Row Answer

-This occurs when government begins a general period of fewer restrictions governing a type of business? Row Question

-deregulation Row Answer

-This is a process where workers join together and make demands as a larger group in order to gain leverage with their employers. Row Question

-collective bargaining Row Answer

-Name this process where two groups within a dispute try to use a third party to give a suggested solution to their problem? Row Question

-mediation Row Answer

-This is a process where two groups within a dispute go to a third party who is given legal binding authority to decide the issue? Row Question

-arbitration Row Answer