Lecture 3 - Tuesday Lecture#3 A Short Socio-Economic Survey...

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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 particular country in a specific period.
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