W E L FA R E

E C O N O M I C S
UNIT 10 (you should speak for 2 minutes)

Don’t forget to mention the following points:

1. What welfare economics looks at

2. Taxation as the government’s main weapon
MACMILLAN
to ight inequity and make the economy fair
GUIDE TO 3. Equity:
ECONOMICS - vertical equity
- horizontal equity
4. The impact that economic choices have on
our lives: positive and negative externalities

GOVERNMENT REVENUE
AND SPENDING
UNIT 10
(you should speak for 2 minutes)

Don’t forget to mention the following points:

1. The sources of government revenue

2. Different kinds of taxes:
- income tax
MACMILLAN
- value added tax (VAT)
GUIDE TO 3. The aims of taxation
ECONOMICS 4. Public spending (what government revenue
is usually spent on):
- transfer payments
- pure public goods
- mixed public goods
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