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PAYROLL TAX: A tax levied on the wage earnings, or payroll, of workers. The most notable, if nothing else in terms of sheer dollar amount, is the Social Security tax.

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Lesson 11: Circular Flow | Unit 3: Government Page: 14 of 22

Topic: Government Borrowing <=PAGE BACK | PAGE NEXT=>

When government does not collect enough taxes to pay for purchases, it borrows through the financial markets.
  • The federal deficit is borrowing by the federal government to make up the difference between taxes and spending.
  • State and local governments also borrow through financial markets.
  • The green flow leaving the financial markets and entering the government sector is government borrowing.
  • Government sector purchases can be less than taxes, which means government saves to the financial markets.
  • Many state and local governments actually save. State and local saving reduces total government sector borrowing in times of high federal deficits.

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ECONOMIC RESOURCE

A resource with an available quantity less than its desired use. Economic, or scarce, resources are also called factors of production and generally classified as either labor, capital, land, or entrepreneurship. Economic resources are the workers, equipment, raw materials, and organizers that are used to produce economic goods. Like the more general society-wide condition of scarcity, a given resource falls into the economic or scarce category because of it has a limited availability relative to (potentially unlimited) productive uses.

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Today, you are likely to spend a great deal of time touring the new suburban shopping complex hoping to buy either a dozen high trajectory optic orange golf balls or a large red and white striped beach towel. Be on the lookout for broken fingernail clippers.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
"Many people think that if they were only in some other place, or had some other job, they would be happy. Well, that is doubtful. So get as much happiness out of what you are doing as you can and don't put off being happy until some future date. "

-- Dale Carnegie

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