14.1 Public Goods and Taxation 14.2 Federal, State, and Local Budgets 14.3 Economics of Public Choice
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1 CHAPTER 14 Government Spending, Revenue, and Public Choice 14.1 Public Goods and Taxation 14.2 Federal, State, and Local Budgets 14.3 Economics of Public Choice 1 CONTEMPORARY ECONOMICS: LESSON 14.1
2 CHAPTER 14 Consider Government Spending, Revenue, and Public Choice How does the demand for public goods differ from the demand for private goods? How are responsibilities divided among levels of government? How big is the federal budget, and where does the money go? Why do politicians need to deal with special interest groups? Why do most people remain largely ignorant about what s happening in the public sector? 2 CONTEMPORARY ECONOMICS: LESSON 14.1
3 Objectives LESSON 14.1 Public Goods and Taxation Calculate the optimal quantity of a public good. Distinguish between the two principles of taxation. Identify other government revenue sources besides taxes. 3 CONTEMPORARY ECONOMICS: LESSON 14.1
4 Key Terms LESSON 14.1 Public Goods and Taxation benefits-received tax principle ability-to-pay tax principle tax incidence proportional taxation progressive taxation regressive taxation marginal tax rate 4 CONTEMPORARY ECONOMICS: LESSON 14.1
5 Public Goods The demand for public goods Optimal quantity of the public good 5 CONTEMPORARY ECONOMICS: LESSON 14.1
6 Market Demand for a Public Good 6 CONTEMPORARY ECONOMICS: LESSON 14.1
7 Tax Principles Benefits-received taxation Ability-to-pay tax principle 7 CONTEMPORARY ECONOMICS: LESSON 14.1
8 Other Revenue Issues Tax incidence Marginal tax rate Pollution taxes and sin taxes User fees Borrowing 8 CONTEMPORARY ECONOMICS: LESSON 14.1
9 LESSON 14.2 Objectives Federal, State, and Local Budgets Identify the top spending category in the federal budget and the top source of revenue. Identify the top spending category in state budgets and the top source of revenue. Identify the top spending category in local budgets and the top source of income. Compare the relative size of the U.S. government during the last decade with other major economies. 9 CONTEMPORARY ECONOMICS: LESSON 14.2
10 LESSON 14.2 Key Terms Federal, State, and Local Budgets government budget payroll taxes 10 CONTEMPORARY ECONOMICS: LESSON 14.2
11 Federal Budgets A government budget is a plan for outlays and revenue for a specified period. 11 CONTEMPORARY ECONOMICS: LESSON 14.2
12 Federal Spending Redistribution Defense Interest payments Other outlays 12 CONTEMPORARY ECONOMICS: LESSON 14.2
13 Federal Spending by Category 13 CONTEMPORARY ECONOMICS: LESSON 14.2
14 Federal Revenue Sixteenth Amendment to the U.S. Constitution empowered Congress to levy a tax on personal income. Federal Insurance Contributions Act (FICA) Social Security and Medicare Payroll taxes 14 CONTEMPORARY ECONOMICS: LESSON 14.2
15 State Budgets State spending State revenue 15 CONTEMPORARY ECONOMICS: LESSON 14.2
16 Local Budgets Local spending Local revenue 16 CONTEMPORARY ECONOMICS: LESSON 14.2
17 Composition of State Spending and State Revenue Composition of Local Spending and Local Revenue 17 CONTEMPORARY ECONOMICS: LESSON 14.2
18 Government Outlays as Percentage of GDP 18 CONTEMPORARY ECONOMICS: LESSON 14.2
19 Objectives LESSON 14.3 Economics of Public Choice Discuss how representative democracy may favor special interests at the expense of the public interest. Distinguish between bureaus and firms, and explain why bureaus might be less responsive to customers than firms are. 19 CONTEMPORARY ECONOMICS: LESSON 14.3
20 Key Terms LESSON 14.3 Economics of Public Choice maximizing political support rational ignorance bureaus 20 CONTEMPORARY ECONOMICS: LESSON 14.3
21 Representative Democracy Maximizing political support Role of special interest Rational ignorance 21 CONTEMPORARY ECONOMICS: LESSON 14.3
22 Bureaus Versus Firms Voluntary exchange versus coercion Product prices Customer feedback Voter incentives Private versus public production 22 CONTEMPORARY ECONOMICS: LESSON 14.3
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