Government Budget and the Economy
Himachal Pradesh Board · Class 12 · Economics
Flashcards for Government Budget and the Economy — Himachal Pradesh Board Class 12 Economics. Quick Q&A cards covering key concepts, definitions, and formulas.
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See them allWhat is a Government Budget and what does it constitute in India?
Answer
A Government Budget is a statement of estimated receipts and expenditures for a financial year (April 1 to March 31 in India). It is mandated by Article 112 of the Indian Constitution and is called th…
What are the three main functions of Government Budget?
Answer
1. Allocation Function - Providing public goods that markets cannot efficiently provide (defense, roads, administration) 2. Redistribution Function - Changing income distribution through taxes and tra…
What are Public Goods and how do they differ from Private Goods?
Answer
Public Goods are goods consumed collectively with two key features: 1. Non-rivalrous - One person's consumption doesn't reduce availability for others 2. Non-excludable - Cannot exclude non-payers fro…
What is Revenue Receipt and what are its components?
Answer
Revenue Receipts are receipts that do not create liability or reduce assets. They are non-redeemable and include: 1. Tax Revenue - Direct taxes (income tax, corporation tax) and Indirect taxes (GST, c…
What are Capital Receipts and how do they differ from Revenue Receipts?
Answer
Capital Receipts are receipts that either create liability or reduce financial assets. They include: 1. Borrowings (create future repayment liability) 2. Loan recovery (reduce government's financial a…
What is Revenue Expenditure and provide examples?
Answer
Revenue Expenditure is spending that doesn't create physical or financial assets. It's for normal government functioning and includes: 1. Interest payments on government debt 2. Salaries and pensions …
What is Capital Expenditure and how does it benefit the economy?
Answer
Capital Expenditure creates physical or financial assets or reduces liabilities. It includes: 1. Infrastructure development (roads, bridges, airports) 2. Acquisition of land, buildings, machinery 3. I…
Define Revenue Deficit and explain its implications.
Answer
Revenue Deficit = Revenue Expenditure - Revenue Receipts Implications: 1. Government is borrowing for consumption, not investment 2. Dissaving by government, using other sectors' savings 3. Builds up…
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