Fiscal Policy Flashcards
1
Q
What is money?
A
A system of value that facilitates the exchange of goods in an economy.
2
Q
What are the 4 functions of money?
A
Medium of Exchange
Storing Wealth
Means of Evaluation
Value Of Future Claims
3
Q
What’s the financial system?
A
4
Q
What’s the role of the financial sector?
A
5
Q
What’s fiscal policy?
A
The government manipulating the level of government expenditure and/or rates of tax.
6
Q
What’re the two types of fiscal policy?
A
Expansionary and contractionary.
7
Q
What’re the 2 types of governments?
A
Central (Entire UK) and Local (Salford)
8
Q
What’re the 3 taxation systems?
A
Progressive, proportional and regressive.
9
Q
A
