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Economics (Basic Economics (Types of economies (Market, Mixed, Planned),…

- - - - infrastructure
      - Fiscal Policy (Budget)
        
        Tax
        
        Government Spending
        
        Budget defects/surplus
        
        Monetary Policy
        
        Progressive
        
        The more you earn the more you pay
  - - - Protects peoples income
      - decrease unemployment
        
        jobs
        
        income
      - Redistribute income
        
        Decrease gab between the rich and poor
    - - Jobs
        
        increase income
        
        Increased standards of living
    - - Environment
      - Consumer protection
      - Business
- - - - Gross domestic product
      - Per capita
      - Total amount of G + S in a year
      - Increases GDP per capita = economic growth
      - Decrease for 2 quarters = recession
      - Decrease for a year or more = Depression
    - - Seasonal
      - Cyclical - business cycle
      - Frictional - moving jobs
      - Structural - jobs replaced by technology
      - 4% full employment
      - Consequences
        
        No money - inability to provide for yourself
        
        increase in crime rates
        
        decrease in national wealth and living standards