Chapter Eight: Economics and Health Care Terms

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Social Program

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Government initiatives designed to provide public assistance and improve the welfare of citizens.

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Health Insurance

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A type of insurance coverage that pays for medical and surgical expenses incurred by the insured.

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Private Health Care

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Health care services provided by entities other than the government, often requiring payment or insurance.

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Profit

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The financial gain obtained when the revenue from business activities exceeds the expenses, costs, and taxes.

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Public Health Care

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Health care services provided by the government, funded by taxes, and available to all citizens.

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Goods and Services Tax (GST)

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A value-added tax levied on most goods and services sold for domestic consumption.

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Income Tax

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A tax imposed by the government on individuals or entities based on their income or profits.

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Median

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The middle value in a list of numbers, which separates the higher half from the lower half.

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Sales Tax

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A tax on sales or on the receipts from sales.

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Black Market

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An illegal traffic or trade in officially controlled or scarce commodities.