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The main areas of government spending and the
reasons for and effects of spending in these areas.
Taxation as the main source of government revenue
and the reasons for levying taxation
.

  • Examples of the different classifications of tax;
    progressive, regressive, proportional; and direct,
    indirect.

  • The qualities of a good tax.

  • The impact of taxation on consumers, producers,
    government and economy as a whole.

  • The tax and spending changes, in the form of fiscal
    policy, that cause budget balance or imbalance.

  • Including calculations of the size of a budget deficit
    or surplus.

  • How fiscal policy measures may enable the
    government to achieve its macroeconomic aims.

Note: aggregate demand and aggregate supply are
not required.

Review of Unit 4

Questions and suggested answers

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