ECO2023 Blended Macroeconomics 641100
You should thoroughly comprehend the principles below before beginning this graded task (ECO2023 Macroeconomics blended 641100); if not, review them in the textbook first:
- Overview, Types, & Examples of Government
- Money Supply
- Fractional Banking System
- Good Governance
- Central Bank
Steps & Instructions: 1. Write an Article of at Least 300 words
Your post will be graded in terms of being clear, exact, correct, pertinent, and logical as well as if it was submitted on time, this will determine your score. The word count does not include information like the video’s title, the presenter’s name, your name, the questions, the citation, and the date.
- Provide an explanation of the government’s obligations to the economy.
- What function does banking serve in the economy?
See the Response from Our Pro Professional Writers.
a) The government’s functions and obligations fluctuate depending on the economic health of a nation. Because the government may set taxes and determine how tax money is spent, we have a tax policy. In addition, there is a monetary policy. The government can also limit the amount of money in circulation via monetary policy. There is also regulation because the government can control the market and business operations. Social protection is another function.
b) Banks carry out a crucial economic task by acting as counterparties in transferring financial resources (money) from those who possess them to those who lack them. A business that requires finance for an investment project would have to assemble large amounts of individual savings in a market without financial intermediaries, which would be expensive.
c) Supply and demand discuss how people behave in a market. A market is a collection of vendors offering a particular commodity or service, with vendors setting the offer while consumers establish the demand. The amount of an item consumers are willing and able to buy is known as the desired quantity. Market demand is all individual desires for a specific commodity or service.
d) Taxes has a number of costs that may impact both people and the economy. These expenses include deadweight loss, administrative expenses, distortions, compliance expenses, and equity issues. As taxes widen the price differential between what consumers pay and sellers receive, fewer products and services are produced and consumed. This is known as a deadweight loss. Tax collection and enforcement are administrative costs that can be expensive for taxpayers. Taxes can also reduce the incentive to work or invest, for example, which can have an impact on how people and businesses behave. Tax law compliance requires taxpayers to spend time and money, which can be expensive for small firms and low-income individuals.
Finally, when taxes disproportionately harm low-income people and deepen poverty, they may raise equality issues. Taxation expenses must be considered while developing tax policies, despite being essential to finance public goods and services.
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