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Public Finance with Homework Yr11 IGCSE and WAEC Economics
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These contain class notes on Public Finance including definitions of basic terms, advantages and disadvantages of calculating it and so on.
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PUBLIC FINANCEOBJ:
Define and explain the objectives of public finance
Classify public expenditures wit examples
KEYWORDS
-Revenue
-Expenditure
-Fiscal Policy
-Price Control
-Taxation
Definition
This is the branch of economics that deals with government’s financial
activities like revenue, expenditures, and debt management and their
overall effect on the economy
GOVERNMENT MACRO ECONOMIC OBJECTIVES/ OBJECTIVES OF
PUBLIC FINANCE:
To promote economic growth and development
To create employment/ achieve full employment
To control inflation (price stability)
To achieve a surplus/ favourable balance of payment (B.O.P)
To ensure equitable distribution of income
To reduce poverty and improve standard of living
GOVERNMENT EXPENDITURE
This refers to the expenses incurred by the government either at the
local or state level
OBJECTIVES/ AIMS/ PURPOSES OF GOVERNMENT (PUBLIC)
EXPENDITURE
● For general administrations like money spent on the civil services,
armed forces, government department etc.
● For defence and security of the country.
● For social services like education, healthcare, infrastructure like
roads, seaport and security(pension)
● For economic services like trade, industry, agriculture, mining etc.
to aid economic development
● For servicing normal national debts and paying pensions
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