Public finance and management
Public finance is the study of the role of the government in the economy. It assesses the government revenue and government expenditure of the public authorities and the adjustment of one or the other to achieve the desired results and avoid undesirable ones.
A number of students have problems with some aspect of public finance which is one of the reasons for the finance homework service we offer. We can provide help for public finance and management homework when needed. The basic components of a public financial management system are resource generation, resource allocation and expenditure management.
Public finance consists of the following subdivisions:
- Public expenditure
- Public revenue
- Public debt
- Financial administration
- Federal finance
Public finance is considered to cover three areas. These are governmental effects on:
- Efficient allocation of resources,
- Distribution of income
- Macroeconomic stabilization.
Government expenditures and financing
Public Finance Management (PFM) basically deals with all aspects of resource mobilization and expenditure management in government. Managing finances is a critical function in any organization, and public finance management is no exception. Public finance management includes resource mobilization, prioritization of programs, the budget process, management of resources and exercising controls. Government expenditures are classified into three main types:
- Government consumption: Government purchases of goods and services for current use
- Government investment: Purchase of goods and services intended to create future benefits, such as infrastructure investment or research spending.
- Transfer payments: Government expenditures that just represent transfers of money such as social security payments
Government expenditures have to be financed in some way and there are three main ways that government uses to generate revenue to cover expenditures:
- Nontax revenue (revenue from government owned corporations, sovereign wealth funds, sales of assets, or seigniorage)
- Government borrowing
- Printing of money or inflation
How a government finances its activities can have an effect on the distribution of income and wealth and on the efficiency of markets. Public finance is sometimes difficult to wrap your mind around. Our finance homework service is standing by should you need help with homework, public finance term papers or if finance tutoring is required.
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