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6 Cards in this Set
- Front
- Back
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How the government controls the economy |
Regulations, taxes, provides services, set laws, employs 1/3 of workers, organised trade deals and alliances, runs the Bank of England, determines our international reputation, government spends on our behalf, Borrows to meet budget means, responsible for citizens happiness, in some countries the government is bigger than in other countries eg. North Korea |
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The government as in employers |
-a large population are employed by government -public sector workers enjoy high levels of state pensions when retiring -public sectors enjoy the most secure jobs in the economy -Money spent by government workers is mainly spent in the economy |
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Roles of the government |
-To supply public goods -To produce essential goods and services -To supply merit goods -To control natural monopolies |
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The difference of public and private goods |
-Private goods are excludable and rivalrous -Public goods are non-excludable and non-rivalrous |
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How to calculate the rate of unemployment |
Number of unemployed/ labour force x 100 |
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Why the government seeks to achieve full employment |
1) unemployment wastes ressources that could be made into goods 2) unemployment leads to a full in tax revenues and spending on the unemployed; so it is costly for the government 3) leads to social unrest and rising crime figures 4) Unemployment leads to an unhappy society as people don’t want to have to depend on the government |
