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MARGINAL REVENUE: The change in total revenue resulting from a change in the quantity of output sold. For a perfectly competitive firm, marginal revenue is equal to price.

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Lesson 11: Circular Flow | Unit 3: Government Page: 15 of 22

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  • The role the government sector plays in the economy and the circular flow through taxes and spending.
  • How taxes divert household sector income to the government sector to pay for government purchases.
  • That with the government sector included, the circular flow highlights the three basic uses of national income: consumption, saving, and taxes.
  • Why government spending is divided into government purchases of GDP and transfer payments.
  • Why the circular flow is interested in the net tax flow (taxes minus transfer payments) from households to government.
  • When government does not collect enough taxes to pay for purchases, it can borrow through the financial markets.
  • The Federal deficit, which is the borrowing by the federal government to make up the difference between taxes and spending.
  • That federal borrowing is combined with state and local borrowing (or saving) for total government borrowing.
  • Why the government sector diverts part of the circular flow, but does not necessarily change the total amount of GDP.

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THIRD ESTATE

Another term for consumers and the household sector. This is one of four divisions of society based on economic function. The other three are government as the first estate, businesses as the second estate, and journalists as the fourth estate.

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APLS

ORANGE REBELOON
[What's This?]

Today, you are likely to spend a great deal of time driving to a factory outlet trying to buy either a package of blank rewritable CDs or yellow cotton balls. Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?

The word "fiscal" is derived from a Latin word meaning "moneybag."
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

VES
Variable Elasticity of Substitution
A PEDestrian's Guide
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