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Government & The Economy (Aims (Control public finances, control…
Government & The Economy
Aims
Control public finances
control inflation
economic growth
Equilibrium B.O.P.
Full Employment
benefits distributed evenly
just social policy
develop adequate infrastructure
Policies
Fiscal policy
Monetary policy
Direct Intervention
Deregulation
Privatisation
Prices and Incomes Policy
Exchange rate policy
The Budget
Current Account
Capital Account
Budget Surplus
Budget Deficit
Neutral Budget
Borrowing
National Debt
Exchequer Borrowing Requirement
Public Sector Borrowing Requirement
Domestic Debt
Foreign Debt
Self-liquidating debt
Deadweight Debt
Consequences of running National Debt
Taxation
Functions
Automatic Stabiliser
Provide public goods
Raise Revenue
Redistribute wealth
Desirable Social Objectives
Reduce inflation
Encourage investment
Canons of Taxation
Certainty
Economic
Equity
Convenience
Types
Direct
Indirect
Progressive
Regressive
Stealth
C.G.T.
C.A.T.
D.I.R.T.
Advantages and Disadvantages
Terms
Tax Wedge
Tax Avoidance
Tax Evasion
Revenue Buoyancy
Impact of Tax
Incidence of Tax
L.P.T.
Privatisation
Advantages
Disadvantages
Nationalisation
Current Figures