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Midterm Revision - Coggle Diagram
Midterm Revision
public finance
the scope of Public Finance
The subject matter of public finance
the importance of public finance
The difference between public finance and private finance
the role of public finance in the economic development of a country
similarities of public and private finances
The dissimilarities of public and private finances
the fiscal functions of governments according to Professor Musgrave
the principle of maximum social advantage theory
public wants
private wants
Merit goods
mixed goods
Importance of public finance
the key components of public finance
the purpose of government spending in public finance
the role of fiscal policies in public finance
public debt in the context of public finance
Public spending Vs Government spending
Relations with other social disciplines
Key concepts and components of public finance
Regulatory functions
Distribution functions
Allocation functions
Stabilization functions
CATEGORIES OF GOODS
Attainment of maximum social advantage
Assumptions of the Principle
Marginal Social Benefit (MSB)
Marginal Social Sacrifice (MSS)
Net Social Benefit (NSB