c) Fiscal policy

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6 Terms

1
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  • examples of government expenditure


  • education

  • public sector income

  • infrastructure/transportation


2
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  • when the government is in a budget deficit…

  • the consequence of this action


  • they sell gilts to the central bank or private sector

  • borrowed money is added to the public debt


3
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  • direct taxation


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


4
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  • examples of direct taxation


  • income tax

  • inheritance tax

  • corporation tax


5
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  • indirect taxation


  • taxation imposed on goods/services


6
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  • examples of indirect taxation


  • VAT

  • excise duty

  • demerit good taxation