Chapter 7/8 Vocabulary -Talaal

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Chapter 7/8 Vocabulary -Talaal by Mind Map: Chapter 7/8 Vocabulary -Talaal

1. Black Market: black market is another term for underground economy.

2. Underground economy: economic activity based on buying and selling products and services illegally

3. Boycott: A decision by consumers to stop buying a product or service as a way to bring about change.

4. Canada Health Act: A federal law that sets out five principles for heath care in Canada. Health care must be: Publicly administered (run by the gov't with no profit). Comprehensive (for care provided by hospitals, physicians and surgeons). Universal (available for everyone). Portable (available everywhere in Canada, no mater where you live). Accessible (available within reasonable time and distance).

5. Collective: A group of entities that share or are motivated by at least one common issue or interest, or work together to achieve a common objective.

6. Consumerism: an economic theory that links prosperity to consumer demand for goods and services, and that makes consumer behavior central to economic decision making.

7. Environmental legislation: international treaties (conventions), statutes, regulations, and common law or national legislation (where applicable) that operates to regulate the interaction of humanity and the natural environment, toward the purpose of reducing the impacts of human activity.

8. Gross Domestic Product (GDP). GDP measures the amount of wealth a country's economy generates.

9. (GST) Good sand services tax: a federal sales tax in Canada.

10. Health and safety legislation: Laws regarding health and safety.

11. Health Care: All citizens receive basic health care from a system paid for by taxes. The federal and provincial governments fund Canada's health care system.

12. Income Assistance: In general, citizens who are unable to meet their basic needs for food, shelter and clothing receive assistance, paid for by taxes. The eligibility rules vary from province to province.

13. Income Tax: tax based on a percentage of a person's income (you make more, they take more)

14. Marketing: the process of communicating the value of a product or service to customers, for the purpose of selling that product or service.

15. Marketing legislation: Laws created to regulate marketing by advertising companies. The consumer is protected by these laws.

16. pension: At age 65, all citizens who have lived in Canada for at least 10 years automatically qualify for a monthly pension, paid for by taxes (legislation: Old Age Security Act).

17. Political Platform: a list of the values and actions which are supported by a political party or individual candidate, in order to appeal to the general public, for the ultimate purpose of garnering the general public's support and votes about complicated topics or issues. "Plank" is the term often given to the componentry of the political platform, in terms of the opinions and viewpoints about individual topics, as held by a party, person, or organization.

18. profit: money made from a product or service above and beyond the cost of providing the product or service

19. Prosperit: A successful, flourishing, or thriving condition, especially in financial respects; good fortune.

20. Quality of Life: The general well-being of society and individuals.

21. Regional perspective: A unique perspective on issues, based on your geographic region.

22. social programs: All government programs designed to give assistance to citizens outside of what the market provides.

23. tax base: all the economic activity in a society, taxed by government to pay for services

24. tax evasion: misrepresenting what you earn to avoid paying taxes

25. taxation: governments collect taxes to pay for the services it provides to citizens, such as social programs

26. taxation model: governments collect taxes to pay for the services it provides to citizens, such as social programs

27. Tommy Douglas: A premier of Saskatchewan, first leader of the New Democratic Party, Baptist minister, politician (born 20 October 1904 in Falkirk, Scotland; died 24 February 1986 in Ottawa, ON). Douglas led the first socialist government elected in Canada and is recognized as the father of socialized medicine. He also helped establish democratic socialism in the mainstream of Canadian politics.