Fiscal incidence also produces regular estimates of the impact of government taxes and spending on household income. Fiscal incidence Fiscal incidence is a concept within public finance, a sub-discipline within economics, that refers to the combined overall economic impact of both government taxation and expenditures on the real economic income of individuals. While taxation reduces the economic well-being of individuals, government expenditures raise their economic well-being. Fiscal incidence is the term for the overall impact of government taxing and spending considered together. In theory, governments withdraw resources from society in the form of taxation, and contribute resources back into society in the
Financial system have full banking licenses. Non-bank financial institutions include: Financial markets are markets in which securities, commodities, and fungible items are traded at prices representing supply and demand. The term "market" typically means the institution of aggregate exchanges of possible buyers and sellers of such items. The primary market (or initial market) generally refers to new issues of stocks, bonds, or other financial instruments. The primary market is divided in two segment, the money market and the capital market. The secondary market refers to transactions in financial instruments that were previously issued. Financial instruments are tradable financial assets of any kind.