Lecture 3 - Tuesday, January 13, 2009 Lecture #3 A Short...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Tuesday, January 13, 2009 Lecture #3 A Short Socio-Economic Survey Beginning with the economic bit… Revenue: Money government has. Main source is taxation through different means. “Revenue budgets”= annual revenue forecast Expenditure: Money government spends. “Expenditure budgets”= annual expenditure forecasts Fiscal: government taxing and spending actions. “Fiscal crisis”; “fiscal drag” etc. Surplus: government collects more money than it spends (annually) Deficit: government spends more money than it collects (annually), this is a problem Debt: accumulated government deficits (multi-year) G7: Group of Seven countries: US, UK, France, Germany, Japan, Italy and Canada. Standard comparators. Finance ministers meet regularly. OECD: Organization for Economic Co-operation and Development. Large, reliable source of economic data and policy advice (30 countries involved) GDP: Gross domestic product: total output of goods and services produced within a
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 2

Lecture 3 - Tuesday, January 13, 2009 Lecture #3 A Short...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online