Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Can I please get help to fix this paragraph into human text, I don't know why after I tried to edit and rewrite it a

Can I please get help to fix this paragraph into human text, I don't know why after I tried to edit and rewrite it a lot of time but it's still AI content? Question is: Provide a brief overview of the importance of the national budget in shaping economic policy.

My answer:

The national budget plays an essential role in shaping and developing economic policy. The national budget takes into consideration the amount of money for government spending and incoming revenue, which is how decisions are made about a country's fiscal priorities. The operating principle of the national budget is seen as a comprehensive plan that clearly states the process of government resource allocation, financial management, and public policy decisions to achieve social, and economic efficiency goals. In different government activities , the national budget will allocate different financial resources depending on the needs and situation of the country at that time, such as funding the development of healthcare, education, and infrastructure in order to prioritize overall economic growth and development in the future. For every activity, policymakers need to review and compare the total current budget to make decisions on how to pay or those activities. Besides the national budget serving as the main instrument of fiscal policy, it also refers to the amount of taxes collected from people's income, expenditure, or from business corporations to meet their needs. More specifically, if the national budget decreases, the government must collect more taxes from people or corporations to compensate for the budget deficit.On the other hand, the government can also reduce taxes to promote economic growth by allowing people and corporations to spend more to avoid the risks of a financial crisis. Overall, a good national budget with a balance between incoming revenue and spending is significant in ensuring financial discipline. Having good financial discipline can promote a healthy economic policy, which affects the welfare of society, builds trust, and attracts local and foreign investors. Developing these factors contributes to effective support in addressing socio-economic disparities, meeting the needs of vulnerable groups, improving general living standards, and promoting collective development of the people.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

Students also viewed these Economics questions

Question

How do we define current liabilities? Long-term liabilities?

Answered: 1 week ago