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SALES TAX: A tax on retail sales. This is major source of revenue for many state and local governments. Because poorer people tend to spend a larger share of their income on stuff covered by sales taxes, it tends to be a regressive tax. To reduce this regressiveness, some state and local governments excluded items like food and medicine.

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Lesson 1: Economic Basics | Unit 5: Policies Page: 14 of 18

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Because markets are imperfect, government is prompted to intervene with economic policies.
  • Economic policies are government actions designed to affect economic activity and pursue one or more economic goals.
Policies can take the form of:
  • Laws passed by legislatures.
  • Administrative actions taken by elected executives.
  • Rules set forth by government agencies.
  • Decisions made through the courts.
The government has four types of policies.
  • Fiscal policy: Based on government's power to collect taxes from the public and spend those funds as it chooses. Used for income redistribution and macroeconomic performance.
  • Monetary policy: Based on government's centralized control of the money supply. Used for macroeconomic performance.
  • Regulatory policy: Based on government's ability to enact laws, rules and restrictions. Used for efficiency and equity
  • Judicial policy: Based on government's ability to enforce laws through the courts. Used for efficiency and equity

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NEEDS

The physiological or biological requirements for maintaining life, such as air, water, food, shelter, and sleep. Physiological needs are often contrasted with psychological wants that make life more enjoyable, but are not essential for existence.

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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway wanting to buy either a graduation present for your niece or nephew or a toaster oven that has convection cooking. Be on the lookout for attractive cable television service repair people.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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