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GOVERNMENT INTERVENTION: Actions on the part of government that affect economic activity, resource allocation, and especially the voluntary decisions made through normal market exchanges. Government, by its very nature, is designed to intervene in voluntary market activity. Some of the more common types of government intervention includes taxes, price controls, assorted regulations, and control over government spending. The general justification for government intervention is that voluntary decisions by consumers and businesses fail to achieve efficiency or other goals deemed important by society.
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Lesson 20: Federal Reserve System | Unit 3: The Fed Pyramid
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Page: 9 of 20
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The 37 Federal Reserve Banks are responsible for implementing the Fed policies and regulations. Federal Reserve Banks: - Provide banking services for commercial banks.
- Provide regulatory oversight of commercial banks.
- Process checks for commercial banks.
- Get newly printed currency into circulation.
- Do economic analyses and monitor their district economies.
- Offer limited services to the public.
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PERSONAL TAXES The common term for the portion of personal income used to pay personal tax and nontax payments. Personal tax and nontax payments is the official item in the National Income and Product Accounts maintained by the Bureau of Economics Analysis measuring the personal income taxes paid to the government sector on personal income received by the household sector. Personal tax and nontax payments are subtracted from personal income (PI) to calculate disposable income (DI). Personal tax and nontax payments are about 15 percent of personal income and about 13 percent of gross domestic product.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages looking to buy either a flower arrangement for your aunt or a birthday greeting card for your uncle. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"The time to repair the roof is when the sun is shining." -- John F. Kennedy, 35th U. S. president
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JLEO
Journal of Law, Economics and Organization
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