Economics
Economics is the branch of knowledge concerned with the production, consumption, and transfer of wealth. Explore government spending, taxation, allocation of resources, and more in the context of economics.
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Presentation Transcript
Economics Nicolas Sharman 04/05/2020
What is Economics? Economics is the branch of knowledge concerned with the production, consumption and transfer of wealth.
Image result for the budget The Budget! The budget looks at government spending and taxation (G&T). Today we re going to have a quick look at the budget and how we might allocate resources differently to the government.
Image result for gt 850B This year the government will spend nearly 850billion keeping the country working. We re going to simplify the budget and assume taxation stays the same and solely look at government spending.
What does the government spend its money on? Social Protection Social Services Health Agriculture Education Defence Transport Housing/Environment Public order and safety Other (including EU contributions) Interest on national debt.
You need to decide how to spend the 850bn between these areas? Social Protection (benefits etc.) Social Services Health Agriculture Education Defence Transport Housing/Environment Public order and safety (police, fire service etc.) Other (including EU contributions) Interest on national debt.
Where does the government get this 850b from? Taxes Borrowing
Scarcity, choice and opportunity cost. The first lesson we do in economics looks at the fact that resources are scarce but wants are unlimited. Today s lesson is just one example of how this is true. The bridging unit you have to complete gives another example of allocating scarce resources and how these difficult decisions have to be made in real life.
