EC140 Chapter Notes - Chapter 29: Real Interest Rate, Nominal Interest Rate, Potential Output
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EC140 Full Course Notes
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Document Summary
Federal budget: the annual statement of the outlays and revenues of the government of. Canada, together with the laws and regulation that approve and support those outlays and revenues. Provincial budget: the annual statement of the revenues and outlays of a provincial government, together with the laws and regulations that approve or support those revenues and outlays. Fiscal policy: the use o the federal budget, by setting and changing tax rates, making transfer payments, and purchasing goods and services, to achieve macroeconomic objectives such as full employment, sustained economic growth, and price level stability. Payments to individuals, businesses, other levels of government, and the rest of the world. Expenditures on goods and services (appears in the circular flow of expenditure and income) Balanced budget: revenue = outlays: deficit and debt. Government debt = total amount of government borrowing, equals to past deficits past surpluses: debt and capital.
