LC Economics- Economics Objectives of Government
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| show | Achieve Full Employment. Control price inflation. Achieve moderate economic growth. Boost exports. Control government finances. Broaden the tax base. Promote balanced regional development. Improve infrastructure. Improve state services.
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| Privatisation | show 🗑
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| Nationalisation | show 🗑
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| show | Improved quality / choice of services. More competitive prices. Continuity of supply. Employment opportunities. More rewards/Incentives for innovation. Revenue from sale /reduce borrowing. Shedding of loss making companies
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| The disadvantages of privatisation | show 🗑
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| Advantages of Nationalisation | show 🗑
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| Private Costs | show 🗑
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| Social Costs | show 🗑
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| A chemical factory emits wastage as a by-product into nearby rivers and into the atmosphere. This is an example of.... | show 🗑
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| Economic Growth | show 🗑
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| Full employment | show 🗑
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| Laissez-faire | show 🗑
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| Merit wants | show 🗑
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| Public Private Partnerships (PPPs) | show 🗑
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| Welfare state | show 🗑
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| show | Government policy in relation to the provision of essential goods and services to all citizens regardless of their ability to pay.
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| show | A situation where a country's exports are roughly equal to its imports.
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| Structural deficits refer to | show 🗑
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| show | An institutional feature of an economy that dampens its macroeconomic fluctuations, e.g., an income tax, which acts like a tax increase in a boom and a tax cut in a recession.
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| General government deficit | show 🗑
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| Possible conflicts between government economic objectives | show 🗑
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| show | Fiscal: implement a progressive income tax policy, reduce VAT on essential items and increase spending on social welfare
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| Discuss economic policies which the Irish government might pursue in order to reduce the level of unemployment. | show 🗑
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| show | Government identifies and targets regions which are disadvantage or economically depressed and then implements policies which positively discriminate in favour of these regions.
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| show | Decentralisation of state bodies ■ Grants/taxation ■ Invest in infrastructure ■ upgrade power supplies ■ upgrade 3rd level edu/training ■ improve access to/from region ■ Easing of planning restrictions ■ provide leadership programmes.
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| show | Reduced consumption/discourage waste ■ ↑ revenue for service provider ■ Improve water quality ■ Encourage investment in alternative technologies ■ Impossible to evade ■ help reduce need for direct taxes.
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| show | Fiscal ■ Monetary ■ Exchange rate ■ Direct intervention ■ Deregulation ■ Price controls / limit wage increases (collective bargaining) ■ Economic planning.
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| Why create full employment? | show 🗑
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| Why control inflation? | show 🗑
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| How can the government control inflation? | show 🗑
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| show | Fiscal: ↑ tax to lower to ↓ income (this ↓'s demand for imports) ■ Monetary: ↑ interest rates on loans (less money to spend on imports) ■ Exchange rate: devalue currency (cheaper exports and more expensive imports)
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| Why achieve equilibrium in Ireland's Balance of Trade? | show 🗑
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| Why is it important for the government to have control of its finances? | show 🗑
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| show | Fiscal: decrease expenditure and government borrowing.
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| show | To ensure a high standard of living, generate economic growth and attract foreign direct investors.
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| How can the government improve infrastructure? | show 🗑
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| show | Economic growth is aimed at increasing the average income per head of the population (Increased standard of living)
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| show | By providing an economic infrastructure for private industry to survive/flourish ■ Fiscal: low corporate tax ■ monetary: low rate of interest on credit ■ ↓ the minimum wage ■ ↓ bureaucracy ■ Grants/financing training schemes from public funds.
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| show | when the average consumer income per head of population increases without any fundamental change to the structure of society.
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| Positive economic consequence of economic growth. | show 🗑
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| Negative economic consequences of economic growth. | show 🗑
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| Why does the government want to control price inflation and have price stability? | show 🗑
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