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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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Terms to Know
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.

Progressive Tax

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

Public Good

A good that is typically provided or made available through the government; the good is characterized as being both non-rivalrous and non-exclusive.