...franchise in the National Basketball Association is currently around $240 million, a private business group from Oklahoma recently paid $350 million for our Seattle Supersonics franchise. Thesis: Please keep these figures in mind this evening as I discuss with you why our tax dollars should not go towards funding a new arena for the Seattle Supersonics basketball franchise. Preview: This topic should be of concern to all of you and tonight I will explain why through documented statistical evidence. My research will show why it is unreasonable for a professional sports franchise to ask the taxpayers to pay for their playground through our hard earned tax dollars. II. Need: A. Proponents of sports facilities have tried to justify public spending on these projects with the claim that they enhance redevelopment in urban areas, however very little research exists that actually supports these claims. B. Indiana State Professor Thomas Sawyer reports in his article “Financing Facilities 101” that “since 1961 pro sports venues for baseball, basketball, football and hockey franchises have cost approximately $24 billion dollars. The public sector through tax dollars has contributed approximately $15 billion or 64% of that total. C. These tax dollars are your dollars, your children’s education, your communities parks, your road improvements, your light...
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...Running Head: Assignment 3 Buy America Requirements William Henderson BUS315-Cost and Price Analysis Professor Joseph Arbeiter August 10, 2013 The Buy America Act was introduced as a response to the recession of late 2000s. It was part of the American Recovery and Reinvestment Act of 2009 and was intended to boost the US economy by encouraging the purchase of American products. The Act imposed regulation and general requirements on iron, steel and other material used to build public facilities and public work projects. The buy America Act went into effect on March 31st 2009. It states that all steel purchase to construct public building must be processed in the United States. This means that smelting and any required process needed to confirm the steel materials to physical shape or specification such as rolling, extruding, grinding, drilling, machining etc. must be completed in America for the product to be considered domestic. All agencies are required to provide adequate oversight to guaranty that their materials comply with the Buy America specification. Agencies must understand the following: 1. Who needs to comply with the Act; all parties (including local government) involved with public works and public buildings. 2. The components of the regulation: it regulates Iron, steel and manufactured products used in public construction projects, modification, and repairs 3. Items not regulated are raw materials other than steel or iron. Non-manufactured goods that is not steel...
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...Macroeconomic Short Answer Questions Student’s Name: Professor’s Name: Institution Affiliation: Course Title: Date: 1.2 Suppose the consumption of a good entails rather sizable spillover benefits. How might the resulting misallocation of resources be corrected? Spillover benefits refer to both costs and/or benefits that individuals or groups of people reap through the production or consumption of goods and serves, although they are these person(s) do not take part in decisions that aid the process of production or consumption. These costs and benefits result from both over or under-consumption of goods and services and over or underproduction of goods and services (Gupta, Mandal & Gupta, 2008). As a result, misallocation of resources occurs. In order to correct the misallocation of resources, the source of the costs or the benefits need to be identified. That is, if it is taking place on the production side or the consumption side. Where there spillover benefits occur as a result of production, there is either overproduction or underproduction. In case of underproduction, there is need to boost production and this can be achieved through provision of subsidies in order to encourage firms to produce more. In case of overproduction, the firms’ potential is high and resources available for production meet an output that exceeds the actual demand. To correct this, the firms would have to be taxed more in order to make the production process expensive, bringing...
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...OurOur responsibility money, A Citizens’ Guide to Monitoring Government Expenditures by Vivek Ramkumar T H E I N T E R N AT I O N A L B U D G E T P R O J E C T Table of Contents Foreword and Acknowledgments PART I Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Introduction: Why Civil Society Groups Need to Track and Monitor Budget Spending . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Chapter 1: Overview of the Budget Cycle . . . . . . . . . . . . . . . . . . . . . . . . 6 Chapter 2: Why Government Expenditures Can Deviate from the Annual Budget . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 PART II The Budget Execution Process . . . . . . . . . . . . . . . . . . 13 Chapter 3: The Budget Execution Process . . . . . . . . . . . . . . . . . . . . . . 14 Chapter 4: Case Studies on Successful Civil Society Initiatives to Monitor Budget Execution . . . . . . . . . . . . . . . . . . . . . . . . . 21 1: MKSS Undertakes Social Audits in India . . . . . . . . . . . .21 2: CSCQBE Carries Out Public Expenditure Tracking Surveys in Malawi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31 Chapter 5: Other Successful Initiatives in Monitoring Budget Execution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .39 PART III The Procurement Process . . . . . . . . . . . . . . . . . . . . . . 45 Chapter 6: The Procurement Process . . . . . . . ...
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...understand how the business world works. As the concept of economics is discussed, many terms are used to describe how economics works in the world. There terms will be defined so that they are better understood throughout the discussion of the economy and market demand. The terms Gross Domestic Product (GDP), Real Gross Domestic Product, Nominal Gross Domestic Product, Unemployment rate, Inflation rate, and Interest rate, help to break down the analysis of economics and give a better understanding of the direction our economy is headed. Part One: Terms and Definitions Gross domestic Product (GDP) is the market value of all recognized final goods and service produced within a country. It is measured by household consumption spending, business investment spending, and government purchases to equal net exports. It is important to the economy because it shows the growing economical rates. Real GDP is an adjustment for inflation. It is based on the prices of a good or service in a year with inflation or deflation accountability. It accounts for changes in the pricing level and then provides a more accurate figure. Economist rely on this to get a constant pricing. Nominal GDP does not adjust for inflation. It is based on the prices of goods or services in a year without inflation or deflation accountability. Unemployment rate is the percentage of total workforce that is unemployed but are still will to find jobs and are seeking new employment. Inflation rate is the increase of prices...
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...ECO/372 Principles of Macroeconomics Individual: Fundamentals of Macroeconomics Paper Part 1 Gross Domestic Product (GDP): Market value of all goods that are produced in a given time period. Real GDP: The measurement of GDP at constant prices. Nominal GDP: The measurement of GDP at current prices. Unemployment Rate: The measurement of knowing how many people are unemployed in the country versus employed people. Inflation Rate: The measurement of increase in prices over a period of time. Interest Rate: The dollar amount that is paid yearly on a loan by the borrower. Part 2 The three activities affect each entity different, looking at how purchasing groceries would affect the government only if there was some sort of inflation going on. Then the government would raise taxes on goods in which will raise the prices of goods. As for households it can affect them in a negative way or a positive way. If we look at buying groceries in today’s economy it rather difficult because the price of goods are going up, but wages are staying the same. So, when it comes to a household of maybe 6 or 7 it would difficult to feed them because the take home pay is so low. The business aspect of buying groceries, the business will always succeed because people need and have to eat. So, if the economy is bad the grocery industry will not see a decline because people have to eat. Even when wages are low and the prices of goods are high people still have to buy groceries to survive. Massive...
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...QUARTER 2, 2012 CONSUMER CONFIDENCE, CONCERNS AND SPENDING INTENTIONS AROUND THE WORLD 91 Global consumer confidence index declined three points to 91 • Discretionary spending and saving decreased globally across all sectors • More than two-thirds (67%) of respondents changed spending habits to save on expenses • Concern for the economy and job security remained Global consumer confidence declined three index points to 91 in Q2 2012 amid a worsening Euro zone crisis, lackluster U.S. job growth and China’s downward GDP revision for 2012, according to consumer confidence findings from Nielsen, a leading global provider of information and insights into what consumers watch and buy. “Consumers are clearly proceeding with caution in relation to their spending intentions,” said Dr. Venkatesh Bala, chief economist at The Cambridge Group, a part of Nielsen. “Consumer confidence lost momentum in the second quarter as global events, including a worsening Euro zone crisis coupled with slowing growth rates in China and India, impacted financial markets and consumer sentiment in many parts of the world. As renewed volatility entered global markets, consumers reacted by reining in spending and consumption intentions.” In the latest round of the survey, conducted between May 4 and May 21, 2012, consumer confidence declined three points to 100 in Asia Pacific, four points to 88 in North America, and two points to 96 in Latin America. An increase of one point each in Middle...
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...This policy drives the budget by controlling government spending as well as the collection of revenues in order to directly influence the country's economy. The government implements this policy through various programs in order to produce expected results on the nation’s income, stabilize economic growth, and maintain high levels of employment. The fundamental purpose of the fiscal policy is to minimize fluctuations in the economy by reducing inflation and recession. In order to achieve its objectives, the Fiscal Policy relies mainly on two tools: government spending and taxation (Weil, 2008). The Federal Government spends money on a large volume of staff and services for society. For example, make available military equipment for its armed forces, support the police, provide healthcare and education, assist with welfare benefits, implement public transport infrastructures, and invest on the public sector. The main source of government’s revenue is through tax collection. Changing tax rates increases government revenues so that it can provide public goods which can not be provided by the market alone. Taxes apply to both personal and businesses income. Moreover, the government applies taxes to specific sets of goods, known as sales taxes. Taxation has been one of the most debatable and polemic topics in economic policy (Minarik, 2008). Fiscal policy seems appealing in that changes made by government at the spending and taxation composition level, may directly affect variables...
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...Fundamentals of Economic Lorinda Davis ECON/372 August 7, 2012 George Edwards Fundamentals of Economic The fundamentals of economics consist of a many challenges in today’s society. There are six main points of economics the writer will discuss in this paper. The gross domestic product, the unemployment rate, the inflation rate, the real GDP, the interest rate, and the nominal rate. The GDP represents the dollar values of goods and service over a period of time. The gross domestic product is a measure of a country values based on good produced, services rendered, and government spending and the difference of exports minus the imports. The real GDP is the measure of the output that is acclimated for inflation or deflation. The nominal GDP is totally different that the change in price is not account for. Unemployment rate is the percentage of the American population that is able to work, but are currently out of work. The inflation rate is the percentage change in the increase of the price of goods and services. Lastly, the interest are define as an annual percentage divide by the principle balance owed by borrowed money. Purchasing of Groceries, Massive Layoff of Employment, and the Decrease of Taxes The financial activities provide the infrastructure for the U.S. economy. In part two the writer will consider how these affect the purchase of groceries, layoffs, and taxes. The government is one part the equation that makes the economics their financial activities may...
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...service costs money; therefore a nation’s economy - and the spending of that money - works to shape the sociological core of that nation. But how should that money be spent? One can argue that education spending is important to a nation’s well-being. During the 19th century US President James Garfield commented that “next in importance to freedom and justice is popular education, without which neither freedom nor justice can be permanently maintained” (as cited in McPherson, 1912, p.192). One way in which a nation’s value for the importance of education can be quantified is by examining the public spending on education as a total percentage of government spending. In this paper, I will review education spending as a social indicator for three distinct, geographically diverse, and very financially disparate nations: Oman, Georgia, and the Republic of Congo. The social indicator that is education spending greatly affects other social factors; I argue that it is a foundation piece of a great country, and that without national support for education, overall quality of life is diminished. What defines public spending on education? The World Bank clearly describes it as “public expenditure on education includes government spending on educational institutions (both public and private), education administration, and transfers/subsidies for private entities (students/households and other privates entities).”1 Education spending is not only governmental monies, it also includes items like...
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...| As the new senior economic advisor I would suggest the president should do the following. My suggestions after listening to the key players are as follows. Raymond Burke had some good input and I think we should keep interest rates as low as possible to get people spending and lower taxes as much as possible to allow people some extra money vs. paying out more. In my experience with this type of situation and following my suggestions this should lead us out of our current economic times of misfortune. If we were to increase government spending and raise taxes this would keep us in the same cycle we current are feeling. This would continue to raise the debt and would cause people to pay more out of their already low income situation. Some people may feel this is a good idea however it has shown the same affect in the past and will continue the cycle. Adjustments should be made such as my suggestion. Although some of the other key players make some valid points their suggestions will keep us in the current situation we are in. We must as I said lower interest rates as low as possible and allow people to borrow money and begin spending under specific rules and regulations involved. When money is cheap to borrow people will begin to take risks and by things such as housing or cars. Taxes can always be raised after we are out of this situation but for now we must allow people to save and spend as much as possible within their means. In conclusion I have listened...
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...| Rescare Homecare | Memo To: Kristin No’name From: Amber CC: Ryan No’name Date: [ 12/7/2010 ] Re: Measuring Economic Health I am writing the two of you in response to the questions you have. This memo should give you all the information that you need. If I do not cover it all, please get back to me at your earliest convenience and I will do my best to answer the rest. Gross Domestic Product (GDP) is the yearly output of goods in a country. In regard to the business cycle, the current years GDP is compared to previous years to determine a trend and to possibly predict future outcomes or to just see how an economy is doing. When the GDP rises, then there is growth in the economy. If the GDP is falling, then there is a slump in the economy. If the GDP falls to the point of creating hardships for businesses then the economy is considered to be in a recession. If the GDP rises close to the maximum point, then the economy is considered to be booming. There are four major government bodies that determine national fiscal policies. They are the department of treasury, government accountability office, office of management and budget, and the office of the president of the United States. The treasury department handles, creates, and applies the fiscal policy. The government accountability office is in charge of audits. The office of management and budget deals with the improvement and study of fiscal policy and the office of the United States president is the decision...
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...1. Why does GDP equal aggregate income and also equal aggregate expenditure? Answer: The definition of GDP, Gross Domestic Product, is the value of the aggregate production of goods and services in a country during a given period of time which usually one year. The GDP can be measured in two ways by the expenditure approach which is the total expenditure on goods and services or by the income approach, total income earned producing goods and services. Total expenditure is known as aggregate expenditure which equals consumption expenditure plus investment plus government expenditure plus net exports. The equation is shown below: GDP= C+I+G+X-M On the other hand, total earned producing goods and services are known as aggregate income which equal to the total amount paid for the factors of production used such wages, interest, rent and profit. The firms pay out as incomes including retained profits, everything they receive from the sale of their output, so income equals to expenditure. Y= C+I+G+X-M GDP equals to aggregate income and aggregate expenditure is because in the circular flows of expenditure and income shows that the household receive income from the firms when they provide labour to them which know as firms consumption. The households spend their income to goods and services which produce by the firms which known as household consumption. The households save their money in the financial markets which known as bank and the firms borrow money from the bank to...
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...cut in their spending, austerity drives are seen as the ‘need of the hour’, it’s a catch twenty two situation for the marketing wing. These are frightening times for any CMO. Financial markets are in chaos and now the real economy seems to be taking a nosedive. How should you be prepared to react? What's the optimum marketing strategy in a recession. In the following paragraphs we try and gauge into how marketing acts as the one department which identifies recession as an opportunity to gain some more ground at the competitive level. Roger Graham & Kristina Frankenberger ,professors of management at OSU &WOU respectively, studied data from five recessionary periods since 1971, sampling data from more than 3,000 firms that demonstrated a 4-year advertising contribution to found that when adjusting for inflation, advertising expenditures contributed to increased earnings by firms for up to three years. The greatest impact occurs in the year immediately following the recession, and especially for firms offering consumer goods or industrial products, as opposed to firms offering services. MarketSense compared 101 household name brands during the recessionary period 1989-1991. Jell-O, Crisco, Hellman's, Green Giant and Doritos saw sales drop by as much as 26-64%. Jiff peanut butter raised ad support and sales went up 57%; Kraft salad dressings saw a rise of 70%. In the beer category, overall spending was down 1% while Bud Light and Coors Light, each spending ahead of the...
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...My reaction in syntax law ,I`am so happy when the syntax law is now on the law that many people will minimize their(bisyo)The Recto bill was not well-received by the various sectors championing sin tax reform as it sought to retain the multitiered system and increase excise tax collection from tobacco and alcohol products by only P15 billion to P20 billion in the first year of implementation. This is significantly lower than the P31.35 billion that House Bill 5727, already passed on third reading, projects to raise, and an even farther cry from the P60.63-billion goal originally proposed by the Department of Finance. Senator Drilon’s substitute bill features an expected excise tax collection of P40 billion to P45 billion in the first year. Congress will adjourn for the holidays in six weeks, and there will be just three weeks of sessions next year before our legislators switch to campaign mode for the 2013 elections. Moreover, the Senate is also scheduled to begin deliberations on the proposed 2013 General Appropriations Act by next week. Thus, the need for the Senate to act and move the sin tax bill forward gains even greater urgency. Certainly, the passage of the sin tax bill has the full backing of the Aquino administration, which plans to use the revenue from the revised sin tax system to advance the government’s universal health care agenda. The campaign has garnered strong public support as well, particularly from the medical and health community. Last May, the Makati...
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