2.6.2 Demand-side policies

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5 Terms

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what is the distinction between government budget (fiscal) deficit and surplus?

  • budget deficit (fiscal): government spending is greater than tax revenue.

  • budget surplus: government spending is less than tax revenue.

2
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what is the definition of fiscal policy?

  • the use of government spending and taxation to manage the economy.

3
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what are the fiscal policy instruments?

  • government spending.

  • taxation.

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what is the distinction between direct and indirect taxation?

  • indirect tax: tax on spending, collect by subsidary, before being sent to government: VAT, sugar tax.

  • direct tax: contributions sent straight to government: income, national insurance.

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