3 Tutorials that teach Role of the Government/Government Spending/Transfer Payments
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Role of the Government/Government Spending/Transfer Payments

Role of the Government/Government Spending/Transfer Payments

Author: Colton Cranston
This lesson covers the role of the government, government spending, and transfer payments
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Notes on "Role of the Government/Government Spending/Transfer Payments"

Terms to Know

Progressive Tax

Tax that increases with income; income tax is an example.

Automatic Stabilizer

Government policies that go into effect automatically as the

economy slows to counter economic slowing; the payments increase in a

recession and decrease with increased employment as an economy grows and

enters into the expansionary phase.

Income Redistribution

Government policy that seeks to provide economic relief

to low income earners by providing welfare and other benefits (transfer

payments) funded by tax revenue generated from high income earners.

Public good

A good that is typically provided or made available through thegovernment; the good is characterized

as being both non-rivalrous and non-exclusive.