i need to fix my citation but i don't know if i got them right ,

can you please guide me through it

Initially, let's consider what is meant with the term Gross Domestic Product or GDP for short. GDP is the monetary value of all the 'finished goods and services produced within a country's borders in a specific time period' (Investopedia, 2020) and there is a specific formula that can be used to calculate GDP. The formula is: Total spending by consumers (C) + Total investment by businesses (I) + Total spending by government (G) + Net exports (Ex - Im) or GDP = C + I + G + (Ex - Im).( Rittenberg, Tregarthen,2009)

The effect on a country's GDP based on business tax, personal income, and transfer of payments are detailed individually below:

Business Tax (I) - The effect that changes in business tax have on a country's GDP can be either positive or negative at the same time. The reason for this is that if businesses or companies pay lower taxes, they in theory should have more money to invest in the business, new technology, new innovations, and even increase the number of staff that works for the company i.e. hire more people. Lower taxes could attract new businesses or companies to relocate and settle in a particular country where tax rates are more favorable, and could even convince businesses or companies that are located offshore to bring these onshore. Therefore, this could increase the number of people who earn a personal income and in return put more money back into the economy through personal consumption and spending. The opposite would occur when taxes are increased which will have a negative effect on GDP. .( Rittenberg, Tregarthen,2009)

Personal Income (C) - One would expect that the higher the personal income the more likely people are willing to spend their earned income and increase their consumption, which again should have a positive effect on income taxes and GDP. Therefore, as personal income increases, consumption will increase, as consumption has increased so companies will have to produce more and to do so they have to invest more, so investment will increase. Overall, people will pay more taxes so government income will increase which will result in more government investment & spending, however, if personal income decreases then the opposite will occur i.e. reduction in personal spending, consumption, investment and government investment & spending (assuming there are no relief packages or changes in fiscal policy) will decrease. Thus, we can clearly see that a change in personal income will have multiple effects on GDP. (Rittenberg, Tregarthen, 2009)

Transfer payments (G) - Transfer payments are notdirectlyincludedinGDP,duetothefactthatGDP measures the final sale of goods & services in the economy. Thus, any change in transfer payments does have an effect on GDP as an increase in transfer payment will increase spending i.e. the consumption which helps in boosting the economy in or during recession periods. ).( Rittenberg, Tregarthen,2009)

Automatic Stabilizer

Any government program that tends to scale back fluctuations in GDP automatically.

Balanced Budget

Situation that occurs if the budget surplus equals zero.

Budget Deficit

Situation that occurs if government expenditures exceed revenues.(Investopedia,2012)

Budget Surplus

Situation that occurs if government revenues exceed expenditures. (Investopedia,2012)

Crowding In

The tendency for a contractionary fiscal policy to increase other components of aggregate demand. (Investopedia,2012)

Crowding Out

The tendency for an expansionary fiscal policy to reduce other components of aggregate demand. (Investopedia,2012)

National Debt

"The sum of all past federal deficits, minus any surpluses". (Investopedia,2012)

Supply-Side Economics

The school of thought that promotes the use of fiscal policy to stimulate long-run aggregate supply. (Investopedia,2012)

transfer payment

The provision of aid or money to a private who isn't required to supply anything in exchange. (Investopedia,2012)

Reference :

Rittenberg, L. & Tregarthen, T. (2009). Principles of Economics. Flat World Knowledge.

Investopedia. (2012). Gross Domestic Product. Retrieved from https://www.investopedia.com/terms/g/gdp.asp