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SBA: The abbreviation for Small Business Administration, which is an independent federal agency that was started in 1953 to help small business. It provides a variety of assistance, including financial, technical, and managerial help. It helps other agencies in the federal government direct contracts and spending in the direction of proprietorships and small corporations. It also provides low interest loans to small businesses that suffer from natural disasters.

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Lesson 11: Circular Flow | Unit 3: Government Page: 12 of 22

Topic: Taxes <=PAGE BACK | PAGE NEXT=>

The government sector tends to be in the middle of most economic activity.
  • Taxes are collected by all levels of government, federal, state, and local.
  • The green flow from the household sector to the government sector is taxes.
  • This flow is household income diverted to the government sector.
Three basic uses of national income:
  • Consumption: Income used by the household sector to buy GDP.
  • Saving: Income diverted to the financial markets for business sector borrowing for capital purchases.
  • Taxes: Income diverted to the government sector for government purchases.
All three come from national income.

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AGGREGATE SUPPLY SHIFTS

Changes in the aggregate supply determinants shift both the short-run aggregate supply curve and the long-run aggregate supply curve. The mechanism is comparable to that for market supply determinants and market supply. There are two options--an increase in aggregate supply and a decrease in aggregate supply. An increase in resource quantity or quality or a decrease in resource price shifts one or both of the aggregate supply curves to right. A decrease in resource quantity or quality or an increase in resource price shifts one or both of the aggregate supply curves to left.

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Today, you are likely to spend a great deal of time wandering around the downtown area looking to buy either a 50 foot extension cord or a combination CD player, clock radio, and telephone (with answering machine). Be on the lookout for high interest rates.
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
"The majority of men meet with failure because of their lack of persistence in creating new plans to take the place of those that fail. "

-- Napoleon Hill, author

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