GOVERNMENT INTERVENTION, means that the state influences the economy through laws, taxes, spending and regulations, it tries to correct market failures and protect society, DIRECT TAX, is paid directly by individuals or companies from their income or profits, EXTERNALITIES, side effects of economic activities that affect people who are not involved in the transaction - pollution (negative) education benefits (positive), TAX AVOIDANCE, legal way to reduce taxes, TAX EVASION, illegal hiding of income or cheating the tax authority, PROGRESSIVE TAX, charges higher-income people a higher percentage of tax - the more you earn, the higher the tax rate you pay, UNFETTERED MARKET, is a market with almost no rules or restrictions, businesses can operate freely without much government control, PUBLIC GOODS, services that everyone can use and that cannot be restricted, such as street lighting or national defence - usually provided by the government because private companies wouldn't profit from them, VALUE-ADDED TAX, is a tax added to the price of most goods and services, CORPORATE TAX, is a tax paid by companies on their profits, INCOME TAX, is a tax paid on the money people earn from theirs jobs or businesses, INHERITANCE TAX, is a tax paid on money or property that someone receives after another person dies, CAPITAL GAINS TAX, is a tax charged when someone makes a profit from selling assets - shares, property, business.

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