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Econ Ch13 Government And The Economy
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Econ Ch13 Government And The Economy

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  • 1. Chapter Government and the Economy 13
  • 2. Objectives:
    • Identify the three basic aspects of governmental spending
    • Describe the basic principles of taxation
    • Differentiate between progressive, regressive, and proportional taxes
    • Explain how the national budget is formulated
    • Define budget deficits and surpluses
  • 3. Recall: Chapter 11
    • Negative Externalities
    • Public Goods
    • Government Regulation
    • Standards
  • 4. Government Spending
    • Civics Connection:
    • 3 levels of government:
      • local, state, federal
    • Basic Aspects
    • Major consumer of goods and services
    • Transfer Payments
    • Interest Payments
  • 5.  
  • 6. Interest Payments
    • Government Bonds:
      • Loans the government owes
      • Interest rates
  • 7. Justification for Taxes
    • What does the government spend taxes on?
    • The principle of benefits
    • received : Gas Tax
    • The principle of ability
    • to pay : Welfare
    • Taxes should be :
      • broad
      • simple
      • Fair
      • Ex: Income Tax?
  • 8. Types of Taxes
    • Progressive
    • Regressive
    • Proportional
    • Excise
    • Income
    • Sales
    • Property
    • Social Security
  • 9.  
  • 10. The National Budget
    • Mandatory Spending
    • Discretionary Spending
      • Defense
      • International
      • Domestic
      • Government Salaries
    • Fiscal Year
      • October 1-September 30
  • 11.  
  • 12. The National Deficit
    • Deficits=shortages
    • Surpluses
    • National Debt
  • 13.  
  • 14.
    • I’m all out of credit on my card.
    • Can you raise the limit?
    • I’ll pay you back, I swear!
  • 15.