Definitions 0.0 / 5 ? EconomicsFiscal policyGCSEEdexcel Created by: LaurenkjCreated on: 19-11-18 16:08 Government spending The total amount of money spent by the government in a given time 1 of 8 Government revenue The source of finance for government spending 2 of 8 Direct tax A tax on income and wealth, can affect labour 3 of 8 Indirect tax A tax on spending, often defined as a tax on goods and services 4 of 8 Balanced government budget When tax revenues is equal To government spending 5 of 8 Budget surplus When tax revenue is higher than governments spending 6 of 8 Budget deficit When tax revenue is lower than government spending 7 of 8 Fiscal policy a policy that uses government spending and taxation to affect the economy as a whole 8 of 8
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