Economics and Consumer Rights

Front

Expenditures

Back

What you spend money on.

Front

Revenue

Back

Money that you bring in/earn. The biggest source of money for the government is taxes; first personal income taxes, and then payroll taxes.

Front

Payroll taxes

Back

Taxes that come out of paychecks to cover programs like Social Security.

Front

Corporate taxes

Back

Taxes on corporations (large businesses).

Front

Budget

Back

A plan for making/spending money.

Front

Surplus

Back

When you are earning more than you’re spending.

Front

Deficit

Back

When you’re spending more than you’re making.

Front

Balanced budget

Back

When you’re spending the exact same amount as you’re earning.

Front

Supply

Back

The amount of a good or service that producers are willing and able to sell.

Front

Demand

Back

The amount of a good or service that consumers are willing and able to buy.