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government

Government & the economy

QuestionAnswer
Government policies 1. Monetary policy 2. Exchange rate 3. Fiscal policy 4. Market intervention 5. Legislation
Monetary policy This is the government changing of revenues ie) taxation or spending, or both. I
Uses of monetary policy 1. Encourage investment 2. Redistribute wealth 3. invest in infrastructure
Fiscal policy Done by the ECB 1. Interest rates 2. supply of money 3. Availability of credit
Aim of fiscal policy Achieve price stability and economic growth
Exchange rate 1. Devaluation (weakening of one currency against another to increaese competitiveness) 2. Revaluation (strengthening of on currency against another)
Legislation Laws passed by a government to: 1.Restrict monopolies and oligopolies 2. Control industries ie) Banking 3. protect the consumer 4. set a minimum wage
Market intervention The government can become a competitor or the sole participant in an industry. Some unprofitable yet socially desirable services only exist due to the government ie) Bus routes in West
Economic aims of the government Trade balance Inflation (control) Growth (sustained) Employment Redistribution of wealth Regional development Adequate infrastructure Public finances
Economic growth an increase in the income and standard living or people in an economy with no change to the structure of society
Economic development An increase in the standard of living, income and output of people in an economy accompanied by a change in the structure of society
Created by: 1801068583361003
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