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ECS 1601 ASSIGNMENT 2 SEMESTER 1 2023

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Three broad functions of government:  the allocative function, which refers to the role of government in correcting market failure and achieving amore efficient allocation of resources  the distributive function, which refers to the steps taken by government to achieve a more equitable or...

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  • June 2, 2023
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ECS 1601
ECS1601
ASSIGNMENT
ASSIGNMENT22SEMESTER
SEMESTER112020
2023
UNIQUE NUMBER:765264
UNIQUE NUMBER: 765264


PREVIEW OF QUESTION 1
1. 3 Reference: Prescribed book PG 277




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, 1. 3 Reference: Prescribed book PG 277




2. 3 Reference: Prescribed book PG 286

Three broad functions of government:
 the allocative function, which refers to the role of government in correcting market failure and
achieving a more efficient allocation of resources
 the distributive function, which refers to the steps taken by government to achieve a more
equitable or socially acceptable distribution of income than that generated by market forces
 the stabilisation function, which refers to the measures taken by government to promote
macroeconomic stability (eg full employment, price stability and balance of payments
stability)

3. 2 Reference: Prescribed book PG 286

How government intervenes
 public provision of goods and services
 through its role as a market participant.
 government spending is a powerful tool
 taxation
 regulation.

4. 3 Reference: Prescribed book PG 288

Nationalisation means that the government takes over the ownership or management of private
enterprise (with or without compensation). In other words nationalisation is the transfer of ownership
from private enterprise to government.

5. 4 Reference: Prescribed book PG 372

An expansionary fiscal policy is applied when the government (in the person of the Minister of
Finance) increases government spending (G) and/or reduces taxes (T). This is illustrated by a




This study source was downloaded by 100000838690865 from CourseHero.com on 06-02-2023 09:50:02 GMT -05:00


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