The governed economy, Managerial Economics

Assignment Help:

THE GOVERNED ECONOMY

The governed economy contains central authorities often simply called "the government" - who levy taxes on firms and households and which engages in numerous activities such as defending the country, making and enforcing the laws, building roads, running schools, and predicting weather.

When the government produces goods and services that households desire such as roads and air traffic control, it is obviously engaged in a useful activity and is obviously adding to the sum total of valuable output.  The National Income Statistician count as part of the GNP every government expenditure on goods and services, whether it is to build a scud missile to promote police protection, or to pay a civil servant to file and re-file papers from a now defunct ministry.


Related Discussions:- The governed economy

Dumping - reason for protection, Dumping If goods are sold on a foreig...

Dumping If goods are sold on a foreign market below their cost of production this is referred to as dumping.  This may be undertaken either by a foreign monopolist, using high

Factors affecting the ability of trade unions, FACTORS AFFECTING THE ABILIT...

FACTORS AFFECTING THE ABILITY OF TRADE UNIONS TO GAIN LARGER WAGE INCREASES FOR ITS MEMBERS The basic factor is elasticity of demand for the type of labour concerned.  The ela

Factors affecting size of national income, Factors affecting the size of  N...

Factors affecting the size of  National Income The size of nation's income depends upon  the quantity and quality of the factor endowments at its disposal. A nation will be ri

Monetary policy, Monetary policy The problems concerning the abili...

Monetary policy The problems concerning the ability of monetary policy to influence the economy, as for instance the doubts about the ability of lower interest rates to st

A chemical producer dumps toxic waste into a river, A chemical producer dum...

A chemical producer dumps toxic waste into a river. The waste decreases the population of fish, decreasing profits for the local fishing industry by $100,000 per year. The firm cou

Characteristics of oligopoly, Oligopoly can be characterized as follows: ...

Oligopoly can be characterized as follows: Small Number of Sellers: There are more than one sellers of a product though; the number isn't so huge in order to produce perfect

Explain about smooth convex isoquant, Q. Explain about Smooth Convex Isoqua...

Q. Explain about Smooth Convex Isoquant? Smooth Convex Isoquant: This kind of isoquant presumes continuous substitutability of capital and labour over a certain range, beyond

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd