c) Fiscal policy and the government

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Last updated 6:44 PM on 10/7/26
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4 Terms

1
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  • state examples of government expenditure


  • education

  • infrastructure/transportation

  • public sector income


2
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  • define balanced government budget

  • define budget surplus

  • define budget deficit


  • revenue = expenditure

  • revenue > expenditure

  • revenue < expenditure


3
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  • state the action the government takes when in a budget deficit

  • state the consequences this action has on the government


  • sells gilts to the central bank/private sector

  • borrowed money is added to the public debt


4
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  • define direct taxation

  • state examples of direct taxation

  • define indirect taxation

  • state examples of indirect taxation


  • taxation imposed on an individual/firm’s income/assets/profits

  • income tax + corporation tax + inheritance tax

  • taxation imposed on goods/services

  • VAT + demerit good taxation + excise duty