Government and the Economy (iCivics)

most goods and services are offered by private companies

the government owns and offers all goods and services and decides what those goods and services will cost

market economy in which the government owns some property, offers some kinds of goods and services, and makes some rules that affect how businesses can compete

when one company controls an entire industry without any competition

prohibit monopolies and other activity that reduces competition

prohibits companies from any activity "in restraint of trade"

gives the U.S. government the power to prevent companies from merging together if the merger will reduce competition

government agency created in 1914 to carry out the powers in the Clayton Act

taxes on goods from other countries

amount of money citizens and businesses are required to pay so that the government can function and provide services

the tax you pay when you buy something

tax that only applies to certain products, such as alcohol and tobacco

tax you pay on money you receive from various sources

last day you can turn in tax forms

tax on profits made by corporations

the more income or profit a person or company has, the higher tax rate they pay

basic retirement program run by the federal government

takes a percentage of your earnings and puts it into the Social Security program

federal government's health care system for people 65 and over

tax people pay on land they own

tax government collects when a person dies

plan for spending

plan for how much money the government expects to bring in and how much it plans to spend

spending that is required by law

spending that Congress decides on each year

lending money to the government for a small fee (IOUs)

additional money that must be paid back

spending more money than it brings in

bringing in more money than it spends