Podcast
Questions and Answers
What is Supply Side Economics?
What is Supply Side Economics?
What are supply-side policies focused on?
What are supply-side policies focused on?
The role of tax cuts in increasing personal incentives
What is the trickle-down effect?
What is the trickle-down effect?
Income paid by rich people to the poorer people they employ.
What does deregulation involve?
What does deregulation involve?
Signup and view all the answers
What is marketisation?
What is marketisation?
Signup and view all the answers
What is privatisation?
What is privatisation?
Signup and view all the answers
Define productivity.
Define productivity.
Signup and view all the answers
What does Reaganomics refer to?
What does Reaganomics refer to?
Signup and view all the answers
What are internal markets?
What are internal markets?
Signup and view all the answers
Study Notes
Supply Side Economics
- Aims to enhance market competitiveness and efficiency through government policy.
- Advocates for free market principles to stimulate economic growth.
Supply-side Policies
- Emphasizes tax cuts to boost personal incentives.
- Seeks to elevate the economy's capacity to produce and supply additional output.
The Trickle-Down Effect
- Concept where income from wealthier individuals is passed on to lower-income individuals through employment.
Deregulation
- Entails removing existing regulations to foster competition within the marketplace.
Marketisation
- Transition of goods and services from non-market (tax-financed) to market sectors (customer-paid).
Privatisation
- Involves the transfer or sale of public sector assets, such as nationalized industries, to the private sector.
Productivity
- Defined as output generated per unit of input.
- Labour productivity specifically refers to output produced per worker.
Reaganomics
- Economic strategies implemented by U.S. President Ronald Reagan.
- Integrates supply-side economic theories to stimulate growth and reduce government intervention.
Internal Markets
- State as a key producer and service provider with introduced market principles to enhance efficiency.
- Funded by taxpayers while generating revenue, represented by institutions like schools and the NHS.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
This quiz covers key definitions related to Supply Side Economics from Chapter 25. It explores concepts such as supply-side policies and the implications of tax cuts on economic performance. Test your understanding of these vital economic principles.
