List and Briefly Describe the Three Kinds of Standing Plans,and

question 16

Essay

List and briefly describe the three kinds of standing plans,and comment on their relative specificity.

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Definitions:

Net Exports

The value of a country’s exports minus the value of its imports.

Transfer Payments

Payments made by the government to individuals or organizations without the receiver providing any goods or services in exchange.

GDP Calculation

The process of determining the Gross Domestic Product of a country, which can include adding up all income earned in the economy or all expenditures made.

Consumption

The use of goods and services by households. It is a primary component of GDP and an indicator of economic health.