Results for "expenditures"

Chapter 16- Public Finances: Expenditures and Taxes

Role of Executive in Parliamentary Democracy The Executive ( the political executive) remains responsible and accountable to the Parliament. Parliament exercises political and financial control over the Executive and ensures administrative oversight over the executive. Subset of Parliament: In the parliamentary system the de facto head of the executive (Prime Minister) is not directly elected by the people, but he is the leader of the majority party in the Parliament. S/He chooses his own Cabinet which again, should be out of the Parliament only. Thus, in parliament democracy, the executive is a subset of the Legislature. The legislature is responsible for making the laws and the executive is responsible for enforcing the laws. In this case, the separation of power between the executive and legislature is not followed in a strict sense. Collective and Individual Responsibilities: The Executive is collectively responsible to the Parliament. It means that the term and tenure of the executive depends on the pleasure of the Lower House of Parliament. The House can introduce a no-confidence motion regarding the removal of the executive (government). The ministers, however, are individually responsible to the President and, ultimately, to the Council of Ministers. Administrative role: The executive's primary responsibility is to maintain internal peace and order, while also ensuring the country's safety from external aggression, encompassing all activities related to the state's well-being. The executive is also responsible for day-to-day administration. Financial role: The Executive has the authority to formulate the Budget, which is required to be presented annually to Parliament. The Executive has the freedom to determine expenditure levels, acquire funds for various purposes, and raise revenue to meet expenditures, leaving the entire financial initiative to the Government. Role of Parliament: Without the authority of Parliament, the executive, acting through its ministers, cannot raise funds through taxing, borrowing, or any other means. Money bills must originate and pass in the Lok Sabha, which has the exclusive authority to grant money in the form of taxes or loans and to sanction expenditure. Policy initiatives: The political executive, or the Council of Ministers, introduces bills in the house through its party members. The cabinet, the highest order of political executives, initiates and decides public policy concerning almost every sphere of government's activity. Further, delegated legislative functions are performed by the political and permanent executive. These are very important for policy making. Judicial role: The judicial functions are performed by the President of India with the aid and advice of his/her Council of Ministers. It includes the appointment of the judges of the Supreme Court and High Courts, and the power to grant pardon, reprieve, suspension, remission, or commutation of punishment or sentence of a court. Military Functions: The President of India with the Council of Ministers in aid and advice, is also vested with military powers

Chapter 11 Income and Expenditures

EXS 101 Chapter 8 (Measurement of Human Expenditures)

chapter 7 - national income + expenditures part 2 (ad g and nx but prices are constant)

lecture six: expenditures and debt

lecture four: state budgeting - revenues and expenditures

expenditures account payable cost of goods inventory control

Payroll, Revenue, and Expenditures

Economics Study Guide: Supply, Demand, and Macroeconomic Principles Short-Answer Questions (2-3 sentences each): What is the fundamental concept of economics, and how does it relate to scarcity? Explain the law of demand. What is the relationship between price and quantity demanded? What are two factors besides price that can influence the demand for a product? Give a brief example of each. Describe the law of supply. How does it differ from the law of demand? What is market equilibrium, and why is it significant in economics? How do you calculate total revenue for a product? What is a normal good, and how does its demand respond to changes in income? Define substitutes and complements in the context of economics. Provide an example of each. Explain the difference between a shift in demand and a movement along the demand curve. What is GDP, and why is it considered a key indicator of a country's economic performance? Short-Answer Key: Economics is the study of how individuals, businesses, and societies make choices about how to allocate scarce resources to satisfy their unlimited wants and needs. It centers on the problem of scarcity, meaning there are limited resources available to meet our desires. The law of demand states that, all else being equal, as the price of a good or service increases, the quantity demanded decreases, and vice versa. This inverse relationship implies that consumers are generally willing to buy more at lower prices. Two factors influencing demand are income and consumer preferences. For example, if people's incomes increase, they might demand more luxury goods. Alternatively, a shift in consumer preference toward healthier lifestyles might increase demand for organic foods. The law of supply states that, all else being equal, as the price of a good or service increases, the quantity supplied increases, and vice versa. Unlike the inverse relationship in the law of demand, the law of supply shows a positive relationship, where producers are more willing to supply goods or services at higher prices. Market equilibrium is the point where the quantity demanded of a good or service equals the quantity supplied. At this point, the market is stable because there are no surpluses or shortages, and prices tend to remain constant. Total revenue is calculated by multiplying the price of a product by the quantity supplied (Total Revenue = Price x Quantity Supplied). It represents the total receipts a seller can obtain from selling goods or services. A normal good is a good whose demand increases as consumer income rises. This means that as people earn more, they tend to purchase more of these goods. Substitutes are goods that can be used in place of one another. For example, Coke and Pepsi are substitutes. Complements are goods that are consumed together. For example, cars and gasoline are complements. A movement along the demand curve occurs solely due to a change in the price of the good itself. In contrast, a shift in demand is caused by factors other than price, such as changes in income, consumer preferences, or the prices of related goods, leading to a completely new demand curve at every price level. GDP (Gross Domestic Product) is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period. It serves as a comprehensive indicator to measure a country's economic health and standard of living. Essay Questions: Explain the concept of equilibrium in a competitive market. How do the forces of supply and demand interact to determine the equilibrium price and quantity? What happens to equilibrium price and quantity when there is a change in supply or demand? Discuss the factors that can cause a shift in the demand curve. Illustrate your answer with examples of events that could shift the demand curve for coffee to the right. Explain the difference between a change in quantity supplied and a change in supply. What factors can cause a change in supply? Illustrate your answer with examples of events that could shift the supply curve for wheat to the left. What is economic inequality, and what are some of its potential causes and consequences? How can governments address economic inequality through policies and interventions? Define GDP and explain its components. Discuss the limitations of GDP as a measure of societal well-being. What are some alternative indicators that can be used to assess a country's progress beyond economic growth? Glossary of Key Terms: Economics: The study of how people make decisions in the face of scarcity. Scarcity: The fundamental economic problem that arises because resources are limited while human wants and needs are unlimited. Demand: The amount of a good or service that consumers are willing and able to buy at a given price. Quantity Demanded: The specific amount of a good or service that consumers are willing and able to buy at a particular price. Law of Demand: The principle that, all else being equal, there is an inverse relationship between the price of a good and the quantity demanded. Supply: The amount of a good or service that producers are willing and able to sell at a given price. Quantity Supplied: The specific amount of a good or service that producers are willing and able to sell at a particular price. Law of Supply: The principle that, all else being equal, there is a positive relationship between the price of a good and the quantity supplied. Equilibrium: A state in which the forces of supply and demand are balanced, resulting in stable prices and no surpluses or shortages. Equilibrium Price: The price at which the quantity demanded of a good or service equals the quantity supplied. Equilibrium Quantity: The quantity of a good or service bought and sold at the equilibrium price. Total Revenue: The total amount of money received by a seller from the sale of a good or service, calculated as price times quantity sold. Normal Good: A good for which demand increases as income increases. Inferior Good: A good for which demand decreases as income increases. Substitutes: Goods that can be used in place of one another. Complements: Goods that are consumed together. Shift in Demand: A change in the quantity demanded at every price; represented by a shift of the entire demand curve. Movement Along the Demand Curve: A change in the quantity demanded of a good that is caused only by a change in that good’s by price. GDP (Gross Domestic Product): The total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period. Economic Inequality: The unequal distribution of income and wealth within a society. Market Dynamics: Economics is the study of how individuals and societies utilize scarce resources to satisfy their needs and wants. A fundamental concept in economics is the interaction between supply and demand within a market. Demand: Represents the quantity of a good or service that consumers are willing and able to purchase at various prices. Law of Demand: As price increases, quantity demanded decreases, and vice versa. ("Economics AI") Factors influencing demand include: Price Income Prices of related goods (substitutes and complements) Tastes and preferences Expectations Population changes Supply: Represents the quantity of a good or service that producers are willing and able to offer at various prices. Law of Supply: As price increases, quantity supplied increases, and vice versa. ("Economics AI") Factors influencing supply include: Natural conditions Input prices Technology Government policies Equilibrium: The point at which supply and demand intersect, determining the market price and quantity. At equilibrium, there is no surplus or shortage. ("Economics2e-Ch03.pdf") II. Factors Affecting Supply and Demand: Demand:A shift in the demand curve occurs when factors other than price change the quantity demanded at every price level. ("Economics2e-Ch03.pdf") For example, an increase in income for a normal good will shift the demand curve to the right, indicating a higher quantity demanded at each price point. ("Economics JOURNAL: WORD") Conversely, a decrease in income for an inferior good will increase demand. ("Economics2e-Ch03.pdf") Substitute goods see increased demand when the price of the original good rises. ("Economics JOURNAL: WORD") Complementary goods experience higher demand when the price of the related good falls. ("Economics JOURNAL: WORD") Supply:Similar to demand, a shift in the supply curve happens when non-price factors alter the quantity supplied at all price levels. ("Economics2e-Ch03.pdf") Adverse natural conditions can decrease supply (shift the curve left), as illustrated by the example: "if it snows I can't grow weed". ("Economics JOURNAL: WORD") Technological advancements can increase supply (shift the curve right) by making production more efficient. ("Economics2e-Ch03.pdf") III. Macroeconomic Perspectives and Measuring Economic Performance: Gross Domestic Product (GDP): GDP is the total value of all final goods and services produced within a country during a specific period. It serves as a measure of a nation's economic size and overall health. ("Economics2e-Ch19.pdf") Components of GDP: GDP can be measured by analyzing the demand side (consumption, investment, government spending, and net exports) or the production side (durable goods, nondurable goods, services, structures, and changes in inventories). ("Economics2e-Ch19.pdf") Nominal GDP: GDP measured in current prices, not adjusted for inflation. Real GDP: GDP adjusted for inflation, providing a more accurate picture of economic growth over time. To calculate Real GDP, the formula is: "Real GDP = Nominal GDP / Price Index / 100". ("Economics2e-Ch19.pdf") GDP per capita: GDP divided by population, used to compare economic output on a per-person basis across countries. ("Economics2e-Ch19.pdf") Economic Growth and Convergence: Sustained economic growth is crucial for raising living standards. Even small growth rates compounded over time lead to significant changes in well-being. ("Economics2e-Ch20 (1).pdf") Economic convergence suggests that economies with lower per capita incomes tend to grow at faster rates than richer economies, potentially leading to a narrowing of the gap in living standards. ("Economics2e-Ch20 (1).pdf") Monetary Policy: Central banks, such as the Federal Reserve in the United States, use monetary policy tools to influence the money supply and interest rates to achieve macroeconomic objectives. ("Economics2e-Ch28.pdf") Open market operations: Buying or selling government bonds to influence the money supply. Reserve requirements: Setting the percentage of deposits banks must hold as reserves. Discount rate: The interest rate charged by the central bank to commercial banks for loans. Fiscal Policy: Government use of spending and taxation to influence the economy. ("Economics2e-Ch30 (1).pdf") Budget deficit: Occurs when government expenditures exceed revenues in a fiscal year. National debt: The cumulative amount of money the government owes to its creditors. IV. International Trade and Comparative Advantage: Absolute advantage: When a country can produce more of a good with fewer resources than another country. ("Economics2e-Ch33.pdf") Comparative advantage: A country has a comparative advantage when it can produce a good at a lower opportunity cost than another country. This forms the basis for gains from trade. ("Economics2e-Ch33.pdf") Specialization and trade allow countries to consume beyond their production possibilities frontiers, resulting in mutual benefits. ("Economics2e-Ch33.pdf") This briefing doc provides an overview of core economic principles, market dynamics, and macroeconomic concepts. It highlights the interplay of supply and demand, factors influencing economic growth, the role of monetary and fiscal policies, and the benefits of international trade based on comparative advantage.

Chapter 29 - Aggregate Expenditures Model

Macroeconomics - Chapter 31: The Aggregate Expenditures Model

Chapter 10 HW - Categories of Expenditures

Aggregate Expenditures Model

Unit 3 Finance

Mestizo A person of mixed white, indigenous (Amerindian), and sometimes African descent.####Amerindian Original peoples of North and South America; indigenous people.####Indigenous Groups Population of Amerindian heritage in Mexico.####Maquiladoras Factories that produce goods for export, often located along the US-Mexican border.####Coup D'etat A forceful, extra-constitutional action resulting in the removal of an existing government.####Ejidos Land granted by Mexican government to an organized group of peasants.####Sexenio The six-year administration of Mexican presidents.####Clientelism An informal aspect of policymaking in which a powerful patron (for example, a traditional local boss, government agency, or dominant party) offers resources such as land, contracts, protection, or jobs in return for the support and services (such as labor or votes) of lower-status and less powerful clients; corruption, preferential treatment, and inequality are characteristic of clientelist politics.####North American Free Trade Agreement (NAFTA) A treaty among the US, Mexico, and Canada implemented on January 1, 1994, that largely eliminates trade barriers among the three nations and establishes procedures to resolve trade disputes. NAFTA serves as a model for an eventual Free Trade Area of the Americas zone that could include most Western Hemisphere nations.####Corporatist State A state in which interest groups become an institutionalized part of the structure.####Civil Society Refers to the space occupied by voluntary associations outside the state, for example, professional associations (lawyers, doctors, teacher), trade unions, student and women's groups, religious bodies, and other voluntary association groups. The term is similar to society, although civil society implies a degree of organization absent from the more inclusive term society.####State Capitalism A political system in which the state requires all members of a particular economic sector to join an officially designated interest group. Such interest groups thus attain public status, and they participate in national policymaking. The result is that the state has great control over the groups, and groups have great control over their members.####Import Substituting Industrialization (ISI) Strategy for industrialization based on domestic manufacture of previously imported goods to satisfy domestic market demands.####Informal Sector That portion of the economy largely outside government control in which local traditional rulers and political structures were used to help support the colonial governing structure.####Proportional Representation A system of political representation in which seats are allocated to parties within multi-member constituencies, roughly in proportion to the votes each party receives. PR usually encourages the election to parliament of more political parties than single-member-district winner-take-all systems.####Technocrats Career-minded bureaucrats who administer public policy according to a technical rather than political rationale. In Mexico and Brazil, these are known as the tecnicos.####Para-Statal State-owned, or at least state-controlled, corporations, created to undertake a broad range of activities, from control and marketing of agricultural production to provision of banking services, operation of airlines, and other transportation facilities and public utilities.####Camarillas Vast informal networks of personal royalty that operates as powerful political cliques.####Chamber of Deputies, Senate The lower house of Mexico's legislature.####Chiapas Rebellion Southern Mexican state which had large groups of Native Americans, where rebels took up arms and challenged the government, demanding land reform.####Neo-Corporatism A structure in which business, labor, and state engage in bargaining over economic policies.####Dependency A model of economic and social development that explains global inequality in terms of the historical exploration of poor nations by rich ones.####Election Reform Campaign finance restrictions. Laws that limit contributions to campaigns. Critical media coverage, as media is less under PRI control. International watch teams, as Mexico has tried to convince other countries that elections are fair and competitive. Election monitoring by opposition party members.####Vicente Fox Mexico's president since 2000. The first non-PRI president in over seven decades.####GATT General Agreement on Tariffs and Trade. International trade organization that encourages free trade by lowering tariffs and other trade restrictions.####IFE Organizing elections of the president and the Congress of the Union. Registering voters and parties. Giving all parties access to the media. Setting the ceiling for campaign expenditures. Allocating public funds fr campaigns. Recruiting and training citizens to run polling places. Confirming the electoral results.####Import Substitution A government policy that uses trade restrictions and subsidies to encourage domestic production of manufactured goods.####"Mexican Miracle" Described a country with a rapidly increasing GNP in orderly transition from an authoritarian to a democratic government.####Neoliberalism A political orientation origination in the 1960s. A strategy for economic development that calls for free markets, balanced budgets, privatization, free trade, and minimal government intervention in the economy.####Andres Manuel Lopez Obrador Leading candidate in 2018 presidential race####Para-Statals Industry partially owned by the state.####Patron-Client System Powerful government officials deliver state servicing policies and access to power in exchange for the delivery of political support.####PEMEX Mexico's powerful state-owned oil monopoly.####PAN National Action Party. A conservative Catholic Mexican political party that until 2000 was the main opposition to the PRI.####PRD Party of the Democratic Revolution. Mexico's main left-of-center opposition party.####PRI Intended to stabilize political power in the hands of its leaders. Served as an important source of government legitimacy until other political parties successfully challenged its monopoly during the late 20th century.####WTO The World Trade Organization. An international body that enforces agreements that reduce barriers to international trade. Successor to the GATT.####Zapatistas Guerilla movement named in honor of Emiliano Zapata; originated in 1994 in Mexico's Southern state of Chiapas. Government responded with a combination of repression and negotiation.####

Chapter 4: Political Economy

(Draft) Chapter 19 - Government Finance

Chapter 19

Chapter 4: Political Economy