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Public finance ('''government finance''') is the field of Economics that deals with Budget ing the Revenue s and Expenditure s of a Public Sector entity, usually government. Matters addressed by the subject include:
Externalities and government policy
Public goods
Public choice and the political process GOVERNMENT EXPENDITURES See Also: Government spending Government operations See Also: Government operations Government operations are those activities involved in the running of a a State or a functional equivalent of a state (for example, Tribe s, Secessionist movements or Revolutionary movements) for the purpose of producing Value for the Citizen s. Government operations have the power to make, and the authority to enforce rules and laws within a Civil , Corporate , Religious , Academic , or other Organization or group. Columbia Encyclopedia, ''Government'', Columbia University Press In its broadest sense, "to govern" means to rule over or supervise, whether over a State , a set group of people, or a collection of people. See for example, The American Heritage Dictionary of the English Language, entry "Govern" Income distribution See Also: Income distribution
FINANCING Government financing can be achieved by Seigniorage , Taxes , or government Borrowing . This area can involve Right-financing , the Income Redistribution effects of the various types of taxes and types of borrowing, Tax Incidence , and the Effect Of Taxes On Market Prices And Efficiency . Taxes See Also: Tax A tax is a financial charge or other Levy imposed on an individual or a Legal Entity by a State or a functional equivalent of a state (for example, Tribe s, Secessionist movements or Revolutionary movements). Taxes could also be imposed by a Subnational Entity . Taxes consist of Direct Tax or Indirect Tax , and may be paid in Money or as '' Corvée '' labor. A tax may be defined as a "pecuniary burden laid upon individuals or property to support the government a payment exacted by legislative authority." Black's Law Dictionary , p. 1307 (5th ed. 1979). A tax "is not a voluntary payment or donation, but an enforced contribution, exacted pursuant to legislative authority" and is "any contribution imposed by government [ . . . whether under the name of toll, tribute, tallage, gabel, impost, duty, custom, excise, subsidy, aid, supply, or other name."Id. Debt See Also: Government debt Governments, like any other legal entity, can take out Loan s, issue Bonds and Invest . Based on the taxing authority of the entity, they issue bonds such as Tax Increment Bond s or Revenue Bond s. Government debt (also known as public debt or national debt) is Money (or Credit ) owed by any level of Government ; either Central Government , Federal Government , Municipal Government or Local Government . As the government represents the people, government debt can be seen as an indirect debt of the Tax payers. Government debt can be categorized as Internal Debt , owed to lenders within the country, and External Debt , owed to foreign lenders. Governments usually borrow by issuing Securities such as Government Bond s and bills. Less credit worthy countries sometimes borrow directly from Commercial Bank s or supranational institutions. Some consider all government liabilities, including future Pension payments and payments for goods and services the government has contracted for but not yet paid, as government debt. Seigniorage See Also: Seigniorage Seigniorage is the net Revenue derived from the issuing of Currency . It arises from the difference between the Face Value of a Coin or Bank Note and the cost of producing, distributing and eventually retiring it from circulation. Seigniorage is an important source of revenue for some national Bank s. SEE ALSO NOTES REFERENCES
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