Government and taxation – the business cycle + complaints – Flashcards
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govenrment interfere with 'market forces'
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rz?d zak?óca "si?y rynkowe"
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undertake
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podejmowa? si? czego?
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leanliness
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czysto??
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working conditions
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warunki pracy
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ailment
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dolegliwo??
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coerce
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zmusza?
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allocation of resources
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distribution according to a plan
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commercialize
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to organize something to make a profit
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externalties
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positive or negative consequences (benefits or costs) of economic activities expereienced by other people
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infrastracture
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basic systems and services such as transport and power supplies
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optimal
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the best or most likely to bring success
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outcome
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the result or effect of an action or situation
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unfettered
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not limited by any rules or controls
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income tax
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the tax people pay on their wages and salaries/ podatek dochodowy
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direct tax
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a tax on wages and salaries or on company profits/podatek bezpo?redni
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progressive tax
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a tax levied at a higher rate on higher incomes/ podatek prograsywny
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indirect tax
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tax paid on property, sales transactions, imports, and so on/ podatek po?redni
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value-added tax
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tax collected at each stage of production, excluding the already-taxed costs from previos stages
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capital gains tax
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profits made by selling assets are generally liable to (liable to - podlega?) podatek od zysków kapita?owych
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capital transfer tax
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gifts and inheritances over a certain value are often liable to a (podatek od transferów kapita?owych)
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wealth tax
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the annual tax imposed on people's fortunes (in some countries)/podatek maj?tkowy
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tax evasion
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making false declarations to the tax authorities/ uchylanie si? od p?acenia podatków
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tax avoidance
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reducing the amount of tax you pay to a legal minimum
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tax haven
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raj podatkowy
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loophole
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a small mistake or exeption in the law, which allows you to avoid paying something
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flat rate for income tax/ flat-rate tax
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jednolita stawka dla podatku dochodowego/ podatek liniowy
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income tax penalize all income-generating activity
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podatek dochodowy karze.....
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pople willl stay away from ratail outlets in areas of urban decay
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"zanik" miasta - upadek
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alternate periods
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naprzemienne okresy
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period of contraction/ growth
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okres spadku/wzrostu
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downturn
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a decline in economic activity
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upturn
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an increase in economic activity
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expectations
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beliefs about what will happen in the future
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purchasing and using goods and services
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consumption
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balance of payment
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the difference between the funds a country receives and those it pays for all international transactions
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GDP
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the total market calue of all the goods and services produced in a country during a given period
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demand
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the willlingness and ability of consumer to purchase goods and services
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supply
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the willingness and ability of business to offer goods or services for sale
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save
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to put money aside to spend in the future
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working at full capacity
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na pe?nej zdolnosci wytwórczej
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to hit a peak
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osi?gn?? szczyt
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decline
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spada?
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commodity prices
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ceny towarów
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depression/ slump
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recession that lasts for a year or two
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economy will bottom out
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gospodarka osi?gnie najni?szy poziom
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to run up huge debts
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narobi? ogromnych d?ugów
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anticipate
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przewidywa?
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internal theory of business cycle
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based on the assumtion, that the most probable cause of the business cycle is people's spending or saving decisions, which in turn are based on demand.
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external theory of business cycle
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looks for causes for business cycle outside economic activity such as scientific advances, natural disasters, elections or political shocks, demographic changes and so on.
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period of 'creative destruction'
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periods during which radical innovations destroy established companies or industries
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equilibrium
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a state of balance, for example when supply is the same as deman
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deficit
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an amount of money that is smaller than is needed (e.g. when spending exeeds revenues)
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surplus
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an excess: a quantity that is larger than is needed
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fiscal policy
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government actions concerning taxation and public expenditure
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monetary policy
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government or central bank actions concerning the rate of growth of the money in circulation (price stability + low inflation)
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money supply
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the total amount of money available in an economy at a particular time
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Keynsianism
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the economic theory that government monetary and fiscal policy should stimulate business activity and increase employment in a recession
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excess
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surplus
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boost
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grow
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iron out
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dopracowywa?
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counteract
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przeciwdzia?a?
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abandon
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porzuci?
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to by outnumbered
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przewy?sza? liczebnie
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excise
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akcyza
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tariff
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c?o
