Direct Tax - A tax on income or wealth. , Government revenue - The source of finance for government spending. , Budget deficit - When government spending is greater than tax revenue -> in a recession , Fiscal policy  - A policy that uses government spending and taxation to affect the whole economy. , Economic Growth/low Unemployment - Deficit>Increase spending >reduce tax> increase spending, output and emplyment, Indirect Tax - A tax on spending often defined a a tax on goods and services. , Types of direct taxes - Income tax/National Income Tax/Corporation Tax/Inheritance , Progressive taxes - A tax which takes a greater percentage of tax the higher the income.  , Balanced government budget - When revenue is equal to government spending. , Budget surplus - When government spending is less than tax revenue -> boom period , Types of indirect tax - VAT/Excise Duty/Stamp Duty , Inflation low/positivce balance of payments - surplus> spending reduced/tax increase> less pressure o prices and lower ability to buy imports , Local Taxes - Council/Business, Income and wealth redistribution - Government action to reduce inequality using taxes/benefits. ,

Fiscal Policy - OCR - Macro

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