unit 3
Fiscal policy- encourages full employment, economic, as well price stability
-government controls fiscal policy
changes in the expenditures of tax revenues of the federal govt. in Texas govt. could increase or -decrease taxes
-spending government
-it increases
Budget balance is equal to expenditure
Budget defecit revenues greater than expenditure
Bufget surlpus less than expenditure
Govt debt sum of all expenditures surplus
-government controls fiscal policy
changes in the expenditures of tax revenues of the federal govt. in Texas govt. could increase or -decrease taxes
-spending government
-it increases
Budget balance is equal to expenditure
Budget defecit revenues greater than expenditure
Bufget surlpus less than expenditure
Govt debt sum of all expenditures surplus
Two types of fiscal policy: expansionary and contractionary
-Contractionart fiscal policy- helps contil inflation
-Decreases govt. spending
-Expansionary fiscal policy- helps recession
- increase govt. spending,decreases taxes
Automatic &stabilizers
things that help the budget during a recession by increasing govt spending and etTax System
Types of taxes
-progressive- the gdp rises and the tax rate
-Regressive- avg tax stays constant
-Proportional-avg tax falls and gdp
Type of transfer payments:
-Contractionart fiscal policy- helps contil inflation
-Decreases govt. spending
-Expansionary fiscal policy- helps recession
- increase govt. spending,decreases taxes
Automatic &stabilizers
things that help the budget during a recession by increasing govt spending and etTax System
Types of taxes
-progressive- the gdp rises and the tax rate
-Regressive- avg tax stays constant
-Proportional-avg tax falls and gdp
Type of transfer payments:
- Welfare checks
- Food stamps
- Unemployment checks
- Corporate dividends
- Social security
- Veterans benefits
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