Flashcards
Part 2.3: Revisiting fiscal policy and supply-side policies
Flashcards do conjunto (15)
- 1Fiscal policyThe use of government spending, taxation and the government's budgetary position to achieve the government's policy objectives.
- 2TaxationCompulsory levies charged by central and local government to raise revenue, primarily to finance government spending.
- 3Progressive taxWhen the proportion of income paid in tax rises as income increases.
- 4Regressive taxWhen the proportion of income paid in tax falls as income increases.
- 5Proportional taxWhen the proportion of income paid in tax stays the same as income increases.
- 6Principles of taxationCriteria for judging whether a tax is good or bad. AKA canons of taxation.
- 7Balancing the budgetGovernment spending = government revenue
- 8Budget deficitGovernment spending > government revenue
- 9Budget surplusGovernment spending < government revenue
- 10Cyclical budget deficitThe part of the budget deficit which rises in the downswing of the economic cycle and falls in the upswing of the cycle.
- 11Structural budget deficitThe part of the budget deficit which is unaffected by the economic cycle, instead resulting from structural change in an economy affecting the government's finances.
- 12Supply-side policiesGovernment economic policies which aim to make markets more competitive and efficient, increase production potential, and shift LRAS to the right.
- 13Office for Budget ResponsibilityAdvisory public body that provides independent economic forecasts and analysis of public finances as background to the preparation of the UK budget.
- 14National debtThe amount of accumulated debt, resulting from past government borrowing, that is owed by the UK government. This may be to UK or overseas institutions and residents.
- 15Supply-side improvementsReforms undertaken by the private sector to increase productivity so as to reduce costs and to become more efficient and competitive. Supply-side improvement often results from more investment and innovation, often undertaken without government prompts.
Informações
- Descrição
- A2 Economics FlashCards sobre Part 2.3: Revisiting fiscal policy and supply-side policies, criado por Alex Maas em 04-03-2017.
- Criado por
- Alex Maas · mar 2017
- Atualizado
- 4 mar 2017
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- 9
- Avaliação