economics section: government & economyfurther reading c.38 keywords – aggregate demand,...
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Economics Section: Government & Economy Further Reading C.38
Keywords – Aggregate Demand, fiscal, taxation, direct/indirect, expansionary, contractionary
• Class : Y11
• Lesson Topic: Government & Economy
• Scheme of Work: Fiscal Policy
Economics Section: Government & Economy Further Reading C.38
Keywords – Aggregate Demand, fiscal, taxation, direct/indirect, expansionary, contractionary
Economics Section: Government & Economy Further Reading C.38
Keywords – Aggregate Demand, fiscal, taxation, direct/indirect, expansionary, contractionary
Planning ToolsP&DPlanning and
Data
Economics Section: Government & Economy Further Reading C.38
Keywords – Aggregate Demand, fiscal, taxation, direct/indirect, expansionary, contractionary
Keyword Definition
Aggregate demand
Fiscal policy
Budget deficit/surplus
Direct/indirect
expansionary/contractionary
CONNECTIVES
Economics Section: Government & Economy Further Reading C.38
Keywords – Aggregate Demand, fiscal, taxation, direct/indirect, expansionary, contractionary
Lesson objectives• Define fiscal policy
• Identify government streams of income and expenditure
• Explain the significance of government debt on the UK’s finances
Economics Section: Government & Economy Further Reading C.38
Keywords – Aggregate Demand, fiscal, taxation, direct/indirect, expansionary, contractionary
CONNECTIVES for AnalysisCONNECTIVES for ApplicationCONNECTIVES for Evaluation
COMPARINGEqually…As with…Like…In the same way…Similarly…Even so…Likewise…CAUSE & EFFECT
Consequently… Due to…As a result… Therefore..Because of… Because…
CONCLUDINGFirstly… After…Secondly… Before…Overall… I believe…Finally… I think …In conclusion… it depends…To conclude… short term…Meanwhile… Long term…
CONTRASTINGAlthough… Except…Moreover… If…However… Yet…Apart from… Unless…Despite… As long as…
EMPHASISINGMost importantly…Significantly…Notably…Especially…Above all…In particular…Indeed…
QUALIFYINGDespite… Yet…As long as… Unless…Apart from… If…Moreover… Except…However… Although…
ADDINGIn addition… And…Too… Also…Additionally… As well as…Furthermore…
ILLUSTRATINGFor instance… Such as…In the case of… So…For example…As revealed by…As illustrated by…
Economics Section: Government & Economy Further Reading C.38
Keywords – Aggregate Demand, fiscal, taxation, direct/indirect, expansionary, contractionary
Climb the LadderA-A*
1. To what extent 2. Do you think3. Evaluate whether (8-10m) 10+ connectives & key words
C-B
1. Explain 2. Compare3. Analyse (5-8m) 5+ connectives & key words
E-D
1. Define 2. Describe3. Identify (2-4m) 2 + connectives & key words
ATDApply to
demonstrate
Economics Section: Government & Economy Further Reading C.38
Keywords – Aggregate Demand, fiscal, taxation, direct/indirect, expansionary, contractionary
Government Taxation & Spending
Economics Section: Government & Economy Further Reading C.38
Keywords – Aggregate Demand, fiscal, taxation, direct/indirect, expansionary, contractionary
Fiscal Policy• Government income and expenditure utilised to influence the
economy
Economics Section: Government & Economy Further Reading C.38
Keywords – Aggregate Demand, fiscal, taxation, direct/indirect, expansionary, contractionary
The aim of fiscal policy is to do what?
- Influence Aggregate demand in the economy.
- Boost demand when the economy has slowed: EXPANSIONARY
- Reduction in AD causes inflation to reduce: CONTRACTIONARY
Economics Section: Government & Economy Further Reading C.38
Keywords – Aggregate Demand, fiscal, taxation, direct/indirect, expansionary, contractionary
Government Income• Income tax• Council tax• Capital tax• Corporation tax• Other indirect taxes• VAT• NI Contributions • Other
Economics Section: Government & Economy Further Reading C.38
Keywords – Aggregate Demand, fiscal, taxation, direct/indirect, expansionary, contractionary
Economics Section: Government & Economy Further Reading C.38
Keywords – Aggregate Demand, fiscal, taxation, direct/indirect, expansionary, contractionary
Expenditure • Social Security • Law and Order• Health• Education• Defence• Foreign Aid• Environment• Transport
Economics Section: Government & Economy Further Reading C.38
Keywords – Aggregate Demand, fiscal, taxation, direct/indirect, expansionary, contractionary
Economics Section: Government & Economy Further Reading C.38
Keywords – Aggregate Demand, fiscal, taxation, direct/indirect, expansionary, contractionary
Videos • What is a budget?
• What is a budget deficit?
• What is difference between budget deficit & surplus?
• What is budget debt?
Economics Section: Government & Economy Further Reading C.38
Keywords – Aggregate Demand, fiscal, taxation, direct/indirect, expansionary, contractionary
Economics Section: Government & Economy Further Reading C.38
Keywords – Aggregate Demand, fiscal, taxation, direct/indirect, expansionary, contractionary
What’s the diff?
• http://www.bbc.co.uk/news/business-12099638 - Impact of VAT rise
Economics Section: Government & Economy Further Reading C.38
Keywords – Aggregate Demand, fiscal, taxation, direct/indirect, expansionary, contractionary
Types of taxation• There are 3 main types of taxation:
i) Progressive – a tax which takes a higher % from the income of richer people.
ii) Proportional – a tax which takes an equal % from the income of all people.
iii) Regressive - a tax which takes a higher % from the income of poorer people.
Economics Section: Government & Economy Further Reading C.38
Keywords – Aggregate Demand, fiscal, taxation, direct/indirect, expansionary, contractionary
Please give examples of Progressive and Regressive Taxes.
• Progressive – Income Tax, National Insurance and Inheritance tax.
• Regressive – VAT, Excise Duty
Economics Section: Government & Economy Further Reading C.38
Keywords – Aggregate Demand, fiscal, taxation, direct/indirect, expansionary, contractionary
Taxes can be direct or indirect• Direct Taxes e.g. Income tax, directly affect the recipient of income and
then they can decide how it affects their future spending.
• Indirect Taxes e.g. VAT, are usually placed on good and services consumed and from this the consumer has to decide what to do with the indirect change in their income.
Economics Section: Government & Economy Further Reading C.38
Keywords – Aggregate Demand, fiscal, taxation, direct/indirect, expansionary, contractionary
There are 4 main types of Government Spending:
a) Capital Spending – Roads, hospitals and schools.b) Current Spending – Running public services, e.g. the NHS and
state schoolsc) Transfer payments – Benefits to pensioners and the
unemployedd) Debt interest payments – Payments to the holders of
government debt.
Economics Section: Government & Economy Further Reading C.38
Keywords – Aggregate Demand, fiscal, taxation, direct/indirect, expansionary, contractionary
Lesson objectives• Define fiscal policy
• Identify government streams of income and expenditure
• Explain the significance of government debt on the UK’s finances
Economics Section: Government & Economy Further Reading C.38
Keywords – Aggregate Demand, fiscal, taxation, direct/indirect, expansionary, contractionary
PLENARIES
Economics Section: Government & Economy Further Reading C.38
Keywords – Aggregate Demand, fiscal, taxation, direct/indirect, expansionary, contractionary
Climb the LadderA-A*
1. To what extent 2. Do you think3. Evaluate whether (8-10m) 10+ connectives & key words
C-B
1. Explain 2. Compare3. Analyse (5-8m) 5+ connectives & key words
E-D
1. Define 2. Describe3. Identify (2-4m) 2 + connectives & key words
ATDApply to
demonstrate
Economics Section: Government & Economy Further Reading C.38
Keywords – Aggregate Demand, fiscal, taxation, direct/indirect, expansionary, contractionary
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Economics Section: Government & Economy Further Reading C.38
Keywords – Aggregate Demand, fiscal, taxation, direct/indirect, expansionary, contractionary
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Economics Section: Government & Economy Further Reading C.38
Keywords – Aggregate Demand, fiscal, taxation, direct/indirect, expansionary, contractionary
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Economics Section: Government & Economy Further Reading C.38
Keywords – Aggregate Demand, fiscal, taxation, direct/indirect, expansionary, contractionary
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