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Topic 6 Prelim Economics

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Note-taking under syllabus dot points, covers: - government intervention in the economy - role of government and smaller dot points within those three broad ones

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8 Pages Partial Study Notes 1-2 Years old
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Topic 6 Prelim Economics
Topics this document covers:
Economy Economics Tax Economic inequality in the United States Income in the United States Social inequality Fiscal policy Income tax Automatic stabilizer Value-added tax United States federal budget Unemployment benefits
This is a Partial Set of Study Notes

Partial Study Notes typically cover only single topics of a unit of study or do not cover multiple topics in significant detail. They are generally less than 20 pages in length.

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Topics this document covers:
Economy Economics Tax Economic inequality in the United States Income in the United States Social inequality Fiscal policy Income tax Automatic stabilizer Value-added tax United States federal budget Unemployment benefits
Sample Text:
g. clean air, street lighting, national defence, public parks, Australian Broadcasting Channel A good in which, once provided, is difficult to prevent anyone from using, regardless of whether they pay for its use. They are non-excludable and will always attract free riders (groups who benefit from a good or service without contributing to the cost of supplying it). Businesses have no incentive to produce goods if consumers will not pay for it and thus there will be an undersupply to a public good relative to demand, thus government provides public goods. Public goods are also non-rival – one person’s enjoyment will not diminish the potential for others to enjoy it. Merit goods E.g. Health care, art Markets produce an inadequate quantity of an item. They have benefits to the community that g...
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