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About this document
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- 2 pages
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- Subject
- Economics, Public Policy
These notes explain fiscal policy, its tools, and its role in promoting economic stability and growth. They discuss how government spending, taxing, and borrowing policies influence the budget deficit and overall economic performance.
What's inside
- Fiscal and monetary policies
- Government spending, taxing and borrowing
- Budget deficit and surplus
- Expansionary and contractionary fiscal policy
Who it is for: Students studying economics or public policy. (Undergraduate)
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Summary
Fiscal policy is one of the main tools governments use to influence the economy. Students learn how it works and its effects on economic stability and growth.
Fiscal policy basics
Fiscal policy is about government spending, taxing and borrowing. It is used to manage the economy and promote growth.
Budget deficit and surplus
The budget deficit or surplus shows the direction of fiscal policy. A deficit means the government is spending more than it collects in taxes.
Expansionary and contractionary fiscal policy
Expansionary fiscal policy increases the budget deficit. Contractionary fiscal policy reduces the deficit and increases the budget surplus.
Key terms
- Fiscal policy
- Government spending, taxing and borrowing to manage the economy.
- Budget deficit
- The amount by which government spending exceeds tax revenue.
- Budget surplus
- The amount by which tax revenue exceeds government spending.
- Expansionary fiscal policy
- Increasing government spending or cutting taxes to stimulate the economy.
- Contractionary fiscal policy
- Reducing government spending or raising taxes to slow the economy.
Questions this document helps with
- What is fiscal policy?
- How does the budget deficit affect the economy?
- What is the difference between expansionary and contractionary fiscal policy?
Summary written with AI from the document's text.
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