Chapter 30-34

• What is a national debt?

  The total amount of money that a country owes to its creditors.
• Who is in charge of the national budget?

  The government or the finance minister.
• What does the minister of finance do?

  Manages the budget and decides how the money would be spent
• What are Borrows?

  loan that will have to be paid back with interest
• Name types of pay?

  • salary
  • wage
  • bonus
  • advance
  • child benefit
• What is gross pay?

  wage before deductions
• what is net pay?

  Wage after deductions
• What is a closed economy?

  An economy that does not engage in international trade.
• what is an open economy?

  
  

  an economy that engages in international trade
• define economy?

  a system where goods and services are produced, sold, and bought in a country 
• mixed economy meaning?

  An economic system that combines elements of both capitalism and socialism.
• what is revenue?

  Money made from the sale of goods or services.
• Expenditure meaning?

  Spending money.
• regulation meaning?

  Laws set by a governing body to manage certain activities
• What kind of economy is Ireland?

  Mixed economy
• What services does the government provide?

  • Education
  • Transport
  • housing
  • social welfare
• What services are provided by local authorities?

  • water supply
  • Environmental protection
  • Local parks and playgrounds
• Why is the government involved in the economy?

  Regulation, without the government's rules, it could lead to corrupt or unfair practices
• What does the government do to help workers?

  gives workers rights
• Why does the government support more businesses?

  More businesses creates more job opportunities, so the government can collect more tax from wages
• Who protects Ireland's natural resources?

  The department of communications
• What are grants?

  Funds you don't have to pay back but with conditions attached
• What is taxation?

  The government collecting money from workers and businesses to pay for public services
• What is the government's main source of revenue?

  Taxes
• Who collects tax?

  The office of the revenue commissioners
• What is open cash?

  money at the beginning of the month
• what is closing cash?

  money at the end of the month
• What are some workers rights?

  • Fair wages
  • safe working conditions
  • protection against discrimination
• What is Income tax?

  Tax on income.
• What is Value Added Tax?

  Tax on goods and services
• What is DIRT?

  Deposit Interest Retention, Tax on interest
• What is corporation tax?

  Tax on company profits
• What is customs duty?

  Tax on imported and exported goods.
• What is excise duty?

  tax on unhealthy products
• What is motor tax?

  Tax paid on vehicles
• What is local property tax?

  Tax paid by home owners, it helps fund schools and roads
• How does the government make money?

  • Taxation
  • Privatisation
  • EU money
  • Dividend
• What is privatisation?

  When the government sells a company to another business
• What is dividend?

  When a company shares some of it's profits with it's shareholders
• What are some of the government's expenditure?

  • Education
  • healthcare
  • transport
  • social welfare