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Government and the Economy Storyboard
Updated: 10/9/2019
Government and the Economy Storyboard
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Storyboard Text

  • Overspending is defined as spending in excess of one's income.Government overspending happens when federal, state, or local governments spend more money on services for the people than they take in through tax revenue.
  • Public goods- contribute to a mutual awareness of persons and to a type of exchange among person that is less demanding than mutual recognition, which is a a form of connecting with each other for citizenry. The fifth section expands on public good as identification goods.
  • On the supply side, government subsidies help industries by allowing producers to produce more goods and services. This increases the overall supply for good or services. Also increases the quantity demanded for that good or service that lowers the overall price of the good or service.
  • One of the most important protective function of forests is related to soil and water resources. Forests conserve water by increasing infiltration, reducing runoff velocity and surface erosion.
  • Pork barrel is a another word for government spending for localized projects or primarily to bring money to a representative's district. Scholars use it as a technical term regarding legislative.
  • The free rider problem leads to under provision of a good or service thus causes market failure. The problem occurs because of the failure of individuals to reveal their real or true preferences for the public good through their contributions.
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