Government in Action (HSC SSCE Economics): Flashcards
📚Flashcards
Practise the cards
10 cards from this deck
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Practise the cards
10 cards from this deck
Budget outcome (fiscal outcome)
Budget outcome (fiscal outcome)
Govt's overall financial position from budget
Balanced budget
Balanced budget
Planned revenue = planned expenditure
Budget surplus
Budget surplus
Planned revenue > planned expenditure
Budget deficit
Budget deficit
Planned revenue < planned expenditure
Expansionary fiscal stance effect
Expansionary fiscal stance effect
Smaller surplus or larger deficit
Contractionary fiscal stance effect
Contractionary fiscal stance effect
Smaller deficit or larger surplus
Neutral fiscal stance
Neutral fiscal stance
Same budget outcome as previous year
Automatic stabilisers
Automatic stabilisers
Built-in features that automatically counterbalance economy
Two main automatic stabilisers
Two main automatic stabilisers
Progressive income tax & unemployment benefits
Structural component of budget
Structural component of budget
Deliberate policy changes by government