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ECS1500 Assignment 3 Semester 1 2023
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ECS1500 Assignment 3 Semester 1 2023 ECS1500 Assignment 3 Semester 1 2023 ECS1500 Assignment 3 Semester 1 2023
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ECS1500 Assignment 3Semester 1 2023
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ECS1500
ASSIGNMENT 3 SEMESTER 1 & 2 2023
UNIQUE NUMBER: 301297
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PREVIEW OF QUESTION 1
1. 2 Reference: Study Guide PG 162
Government’s economic activity thus involves three important flows:
Government expenditure on goods and services (including factor services) – this is usually
denoted by the symbol G
taxes levied on (and paid by) households and firms – taxes are usually represented by the
symbol T
transfer payments, that is, the transfer of income and expenditure from certain individuals
and groups (eg the wealthy) to other individuals and groups (eg the poor)
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