Describe the various policies of economic environment.
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Answer:
Policy makers undertake three main types of economic policy:
Fiscal policy: Changes in government spending or taxation.
Monetary policy:
Changes in the money supply to alter the interest rate
Supply-side policy:
Attempts to increase the productive capacity of the economy.
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Various policies of economic environment are fiscal policy, supply side policy, and monetary policy.
Step by step explanation:
- Economic policies can be defined as the policies made by the government to act and focus on the economic sector of the country.
- Economic policies of the government includes national ownership, labour market, interest rates, government budgets.
- Fiscal policy refers to a policy which helps the government to manage efficiently and effectively the taxes and spendings.
- Supply side policy refers to a policy which helps in improving the ability to produce more effectively.
- Monetary policy refers to a policy which handles the management of interest rates and money supply.
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