Overview
Public finance is a critical aspect of how governments manage their financial resources to provide services and maintain economic stability. It involves budgeting, taxation, and public expenditure, all of which are essential for the functioning of a democratic society. Understanding public finance h...
Key Terms
Example: Public finance helps in understanding how taxes are collected and spent.
Example: The government’s annual budget determines funding for education and healthcare.
Example: Income tax is a common form of taxation.
Example: Public expenditure includes spending on roads, schools, and hospitals.
Example: Voters hold elected officials accountable for their financial decisions.
Example: Democratic governance ensures that citizens have a voice in public finance decisions.