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Govt Intervention

Government Intervention in budget and finances

QuestionAnswer
State how the government intervene in the economy? Give 6 answers 1.Collect taxes 2.Pay social welfare 3.Semi state companies 4. Impose laws and provide consumer protection 5.Represent the Irish people at EU level 6.Take action during national emergencies
Explain 3 ways the government intervene in the economy. Collect taxes- the govt imposes various taxes on income, payments, goods, services, profits etc.. 2.Pay social welfare-People who have lost jobs, have young children etc receive transfer payments from the state
What is monetary policy? Actions taken by the ECB that influence the money supply interest rates and the availability of credit
What is fiscal policy? Actions taken by the government that influence the timing magnitude and structure of current revenue( money in) and expenditure (money out)
State 2 advantages of government intervention? 1. Foregin direct investments 2. Regulates the development of monopolies
Created by: omeliaeconomics
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