Xem mẫu

16 Public Finance: Expenditures and Taxes McGraw­Hill/Irwin Copyright © 2012 by The McGraw­Hill Companies, Inc. All rights reserved. Government and the Circular Flow (1) Costs (1) Money income (rents, wages, interest, profits) (2) Resources RESOURCE MARKET (2) Land, labor, capital Entrepreneurial ability (7) Expenditures (10) Goods and services BUSINESSES Net taxes (11) (8) Resources (9) Goods and services GOVERNMENT HOUSEHOLDS Net taxes (12) (5) Expenditures (6) Goods and services (4) Goods and services PRODUCT MARKET (4) Goods and services (3) Revenues (3) Consumption expenditures LO1 16-2 Government Finance • Government purchases • Exhaustive • Transfer payments • Nonexhaustive • Borrowing and deficit spending • Opportunity cost is low during recession; high during growth LO1 16-3 Government Finance Government purchases, transfers, and total spending as percentages of U.S. output 40 35 Government 30 transfer payments 15% 25 5% 20 15 10 22% Government 5 purchases 20% 0 Year 1960 2009 LO1 16-4 Federal Expenditures LO1 16-5 ... - tailieumienphi.vn
nguon tai.lieu . vn