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DEMERIT GOOD: A good that society, usually government, deems is overvalued by consumers in normal market exchanges. As such, governments typically restrict the consumption of demerit goods through policies such as taxes or direct government control. Demerit goods are often have characteristics of quasi-public goods or externality by-products. Examples include tobacco and narcotic drugs. The counter type of good is a merit good.
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Lesson 11: Circular Flow | Unit 3: Government
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Page: 12 of 22
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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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SECOND ESTATE Another term for the business sector. This is one of four divisions of society based on economic function. The other three are government as the first estate, consumers as the third estate, and journalists as the fourth estate.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a set of luggage without wheels or a how-to book on wine tasting. Be on the lookout for telephone calls from long-lost relatives.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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SAIF
Savings Association Insurance Fund
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