Chapter Info (Click Here)
Book No. – 13 (Economics)
Book Name – Introductory Macroeconomics (NCERT)
What’s Inside the Chapter? (After Subscription)
1. GOVERNMENT BUDGET MEANING AND ITS COMPONENTS
1.1. Objectives of Government Budget
1.2. Classification of Receipts
1.3. Classification of Expenditure
2. BALANCED, SURPLUS AND DEFICIT BUDGET
2.1. Measures of Government Deficit
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LANGUAGE
Government Budget and the Economy
Chapter – 5
Table of Contents
- Government denotes the state and plays a significant role along with the private sector.
- An economy that includes both the private sector and government is called a mixed economy.
- The government influences economic life in various ways, mainly through the government budget.
- The chapter focuses on functions carried out through the government budget.
- Section 5.1 discusses the components of the government budget, highlighting the sources of government revenue and avenues of government spending.
- Section 5.2 examines the concept of a balanced, surplus, or deficit budget, emphasizing the difference between expenditures and revenue collection.
- The section specifically explains the different kinds of budget deficits, their implications, and the measures to contain them.
- Box 5.1 explains fiscal policy and provides a simple description of the multiplier.
- The government’s role leads to deficits that affect its debt, i.e., what the government owes.
- The chapter concludes with an analysis of the debt issue.