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Operations Management. Essay

1862 words - 7 pages

Table of contents1. Introduction.Definition of Fiscal Policy.2. Ways the government uses the Fiscal Policy.-Types of Fiscal policy and their uses-Effects of Fiscal policy changes-Other methods of controlling the economy3. Conclusion.Definition of fiscal policies."Fiscal policy is the use of the budget to achieve macroeconomic objectives such as full employment, sustained long-term growth and price stability".Fiscal policies can basically be described as a tool used by the government to control the economy. This can mean increasing the rate of economic activities with a view to expanding the economy, or decreasing the activities with a view to contracting the economy.The fiscal policies are used when the Government Budget has been determined. The government budget is a totality of the expected revenue and expenditure by the government for a given fiscal yearAs seen by many economists, fiscal policy has two roles. The first role of fiscal policy is to eliminate any severe deflationary or inflationary gaps. Simply put, fiscal policy could be used to prevent an economy suffering a prolonged recession, such as that experienced in the 1930s and it can also be used to prevent rampant inflation in the economy .The government uses fiscal polices in two main ways:-Taxation-Government expenditure.Taxation.The revenue from taxes includes those levied on personal income and those levied on corporations. It is a means of transferring wealth form the hands of individuals and corporations into the hands of the government. It also includes other forms on taxes which social security, health and insurance, council taxes and indirect taxes such as the Value Added tax on goods (VAT).Government ExpenditureThe government spends money on various activities such as transfer of payments, purchases of goods and services and building of infrastructures. This can also be used to decrease or increase the amount of money in the economy, depending on the objectives of the policy.Ways the government uses the fiscal policy.In general terms, when the government increases taxes it takes money out of the hands of the people thereby slowing down the economy. This might be carried out to reduce the inflation rate in the country. The government might also reduce taxes to increase the amount of money in circulation. This will generate investments that will boost the economy.Government expenditure can be used in the same manner as the taxation tool. Government can increase its expenditure in order to create jobs in the economy. It can also reduce its expenditure to "soften the economy".Types of Fiscal Policies and their uses.From an economical point of view, fiscal policies can be divided into:-Automatic fiscal policy- Discretionary fiscal policy.Fiscal policies affect the government purchases (which have a multiplier effect) aggregate demand and supply and this in turn affects the economy. A closer look at the types of fiscal policies and how they affect the economy will now be delved...

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