4.3 fiscal policy at University of Birmingham

Flashcards and summaries for 4.3 fiscal policy at the University of Birmingham

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define budget 

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a government receives public revenue from: (5)

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proportional tax 
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corporate tax 

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fiscal policy 

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expansionary fiscal policy 

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reasons for taxes (5)
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principles of good tax (6)

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public sector borrowing requirement

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national debt 

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reasons for government spending (5)
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tax burden 

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Exemplary flashcards for 4.3 fiscal policy at the University of Birmingham on StudySmarter:

4.3 fiscal policy

define budget 
a budget is a forecast of what people or an organisation will spend and how much it expects to earn from revenue over the next 6 to 12 months 

4.3 fiscal policy

a government receives public revenue from: (5)
  • revenues from tax 
  • interest payments on government loans to private sector firms and overseas governments 
  • rents from publicly owned buildings and land rented to the private sector 
  • revenues from government agencies and state-owned enterprises from the sales of goods and services 
  • proceeds from the privatisation of government-owned industries and other publicly owned assets 

4.3 fiscal policy

proportional tax 
a proportional tax is an income tax system that levies the same percentage tax to everyone regardless of income 

4.3 fiscal policy

corporate tax 
a corporate tax is a levy placed on a firm's profit, the money collected from corporate taxes are used for a nation's source of income 

4.3 fiscal policy

fiscal policy 
fiscal policy refers to the use of government spending and tax policies to influence economic conditions, including demand for goods and services, employment, inflation and economic growth 

4.3 fiscal policy

expansionary fiscal policy 
expansionary fiscal policy is when the government expands the money supply in the economy using budgetary tools to either increase spending or cut taxes, both of which provide consumers and businesses with more money to spend 

4.3 fiscal policy

reasons for taxes (5)
  • taxes raise revenue to fund public expenditures
  • taxes are used to manage the macroeconomy and protect the environment 
  • taxed can reduce inequalities in income 
  • taxes can discourage spending on imported goods 
  • taxed can discourage the consumption and production of harmful products 

4.3 fiscal policy

principles of good tax (6)
  • equity 
  • non-distortionary 
  • certainty 
  • convenience 
  • simplicity 
  • administrative efficiency 

4.3 fiscal policy

public sector borrowing requirement
the public sector borrowing requirement is the amount of money a government needs each year to finance any shortfall of public revenues below total public expenditure 

4.3 fiscal policy

national debt 
the national debt is money owed by all levels of government 

4.3 fiscal policy

reasons for government spending (5)
  • to provide goods and services that are socially and economically desirable 
  • to invest in social and economic infrastructure to support economic growth 
  • to support agriculture and other key industries by providing financial assist and subsidies to firms 
  • to reduce inequalities in incomes
  • to manage the macroeconomic using public expenditures and taxes to control total demand to achieve economic growth, reduce unemployment and avoid hight price inflation 

4.3 fiscal policy

tax burden 
the tax burden is the total amount of tax paid by a particular group of people 

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