The circular Flow diagram that I created above contains these sectors such as Domestic firms, Household, the rest of the world and Government. The diagram illustrates the continuous movement of money for goods and services between producers and consumers. The household sector includes everyone; such as you and me we are buying products from everyone and selling our work. So this is everyone who may be seeking to satisfy unlimited wants and needs. Households are responsible for consumption. It also owns all productive resources. The household interact more with domestic firms. The Domestic Firms includes institutions such as corporations and partnerships. Their job in the diagram is to combine resources to produce goods and services. So this means the responsibility for this sector is to produce. The Government sector which includes the federal and local government. This section contains of collecting taxes. The Rest of the world section provides imports and exports of services and goods. When we send money to firms we get products and services. We can also send the money to the rest of the world and that’s when we import goods. When money comes from the rest of the world to firms this is called exporting. Money that comes from Domestic Firms to households are wages or rent. We also see money going from household to government as taxes and the same with the domestic firms giving money to the government it is also taxes. Government to house holds which are transfer
The United States is comprised of Federal and State governments. The Federal Government is located in the District of Columbia where it is
The responsibilities included in the different settings of government vary greatly. The core federal goals are to be the “organizational mechanism through which governments manage power” (Gerston, 2007, p.5). Federal government is commonly a middle ground between residents and state. While there are federal laws, many regulations of government are left up to state administration.
Federalism is a compound government. In other words, it is a form of government that configures the central and state governments(Document A). One task this
I think the prompt is asking not where the government collects revenue, which would be income
Objective of this paper is to discuss where the following agencies lie in the administrative structure of the federal government:
Counties are known as “general purpose” governments due to the many different functions they perform. Counties serve the dual purposes of providing governmental services for the benefit
ii) There are five level one headings in this table, which are: real sector, fiscal sector, financial sector, external sector, and
This particular flow chart is a scenario. I have chosen this particular scenario because I want to show that criminals do not just commit crimes whenever they want to, but they actually plan it out. They think before and during the crime they are committing. Plus, they weigh out the benefits and costs of committing a criminal offence.The agent in this scenario is a human being who is robbing money from a bank. The robber is a learning agent because as a human, he is able to produce new goals, and learn new knowledge that he did not know before. Learning agents learn from mistakes and prior knowledge. These agents have a high level of meta-cognitive monitoring (Russell and Norvig, 2009: 54-57 in Friedenberg and Silverman, 2012: 380). The robber
Public sectors are government controlled services that provide for both basic and essential needs of the general community. The content of government sectors varies between countries, however in most countries these include Police, Health care, Fire brigade, Military, Public transport etc. (PrivacySense.net, 2014).
Public sector refers to the part of the economy concerned with providing essential government services. The public sector includes such services as a police, military public roads, primary education and healthcare for the poor.
Public interest is given priority. The public sector looks into the interest of the general public. The government under this economy is said to be welfare state. It introduces social insurance schemes, incurs expenditure and manages economy in the interest of general masses of the country.
The household sector is responsible for consumption expenditures. It includes everyone, all the people who seek to fulfill their wants and need. This is eating, shopping and the consumption of items. Don’t let the name fool you, you don’t have to own a house or even live in an apartment. The name “Household Sector” just simply means a person’s everyday wants and needs. The Business sector is our factory workers or worker ants as I like to call them. Made up of all different types of companies that leads its self-back to the Household sector to produce our everyday wants and needs. The sole purpose is the production of goods and services. Some business can be small or large and may be known as proprietorships, partnerships, or corporations. Some have companies/ factories all around the world, while others could be working from their homes. Production transforms anything into everyday wants and needs of the people. For example a pile of steel can be transformed into a car. Once the car is produced then it gets transported to a dealership somewhere in the world where a single person who desires it can buy it. The Government sector is like the boss in my opinion. It includes all levels of the government which
(A) Public Goods and Service -- Schools, Highways and Streets, Fire and Police Protection, National Defense, Prisons
The practice of world trade amongst countries has taken over the rate of domestic production. It has led to the free flowing of money across national borders, which opens doors for companies and investors to seek for best rates for financing anywhere across the globe. Such trend is known as globalization and Cullen & Parboteeah (2008) defines globalisation as the worldwide trend of borderless and interlinked world economies, and companies no longer restrain by domestic boundaries and possibly conduct any business activities throughout the globe.
a - Knowing what activities the public sector engages in and how these are organized (that is, revenue gathering and expenditures)