Key Economic and Government Terms

philanthropist

• someone who contributes to society by donating their time, their money, or their talent

• a person who only donates money to charities

• an individual who seeks personal gain through charitable acts

• someone who volunteers without any compensation

private goods and services

• merchandise and skills offered in markets for a price

• public services provided by the government at no cost

• goods that are available for free to everyone

• services that are only available to a select few

net pay

• the total amount earned by an employee before any deductions

• the amount of money an employee receives after taxes and other deductions are taken from a paycheck

• the amount deducted from an employee's paycheck for retirement savings

• the gross salary of an employee before any bonuses or commissions

gross pay

• the total earnings of an employee after taxes and deductions

• the amount of money an employee earns before any taxes or other deductions are subtracted

• the net income received by an employee after all deductions

• the hourly wage multiplied by the number of hours worked

philanthropy

• the effort to increase the well-being of people through charitable giving

• a type of investment in stocks and bonds

• a government program for social welfare

• a method of fundraising through events

public goods and services

• goods and services provided by a government for the use of all people

• products sold in the market for profit

• items that are exclusively available to private individuals

• services that require payment for access

taxes

• payments that citizens and businesses are required to make to a government

• voluntary contributions made by citizens to support local charities

• fines imposed on individuals for breaking laws

• monetary gifts given to government officials

representative democracy

• A form of government where power is held by a monarch.

• A system where citizens vote directly on laws and policies.

• A form of government in which ultimate power lies with the people, who exercise that power directly or through elected representatives.

• A political system where decisions are made by a small group of elites.