Taxes
A government budget where the expected government revenues exceed the estimated government expenditure in a particular financial year.
What is Surplus Budget?
a factor of proportionality that measures how one variable changes in response to a change in another factor
What is multiplier?
A type of fiscal policy that is used by the government to reduce unemployment.
What is expansionary fiscal policy?
The proportion of each additional dollar of household income that is used for saving.
What is Marginal Propensity to Save?
Taxes that we pay to the government through the Bureau of Internal Revenue (BIR)
What is National Tax?
A government budget where estimated government expenditure is equal to expected government receipts in a particular financial year.
What is balanced budget?
Measures the magnification effect of a change in taxes on aggregate demand.
What is Tax multiplier (T)?
A fiscal policy that is an alternate to eliminate inflation by increasing tax and reducing spending
This happens when the government borrows from the private sector to be used for their daily spending.
What is Crowding Out Effect?
the sum of all the goods and services produced in an economy over a certain period of time or defined as an economy's total productivity
What is aggregate output?
A government budget where estimated government expenditure exceeds the expected government revenue in a particular financial year
What is deficit budget
A multiplier that indicates how much change in aggregate demand would result from a given change in government spending.
What is government spending multiplier?
Deliberate action of the government to influence the changing level of government expenditure or government taxation
What is fiscal policy?
The proportion of each additional dollar of household income that is used for consumption expenditures
What is Marginal Propensity to Consume?
the total income earned by individuals and companies in the economy, excludes any adjustment for inflation and taxes.
What is aggregate income?
This multiplier measures the change in aggregate production triggered by an autonomous change in government taxes.
What is balanced budget multiplier or BBM?
These taxes, fees or charges are imposed by the local government units, such as provinces, cities, municipalities, and barangays, who have been given the power to levy such taxes by the code.
What is Local Tax?
Payments made or income received in which no goods or services are being paid for.
What is transfer payments?