Answer to Question #240933 in Economics for CCW

Question

Econ. Chp. 4 Vocab:

make visual notes, acronyms, symbols to make definitions visual to help remember

13) tax -

14) subsides -

Answer 1

Tax is a compulsory contribution of the payer to the budget and extra-budgetary funds in the amount determined by the law and within the established time frame.

Subsidies - budgetary funds provided to the budget of another level of the budgetary system, to an individual or legal entity on the basis of shared financing of targeted expenditures.