Public Debt
ICSE · Class 10 · Economics
Flashcards for Public Debt — ICSE Class 10 Economics. Quick Q&A cards covering key concepts, definitions, and formulas.
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Explore the full setWhat is public debt?
Answer
Public debt refers to the loans raised by a government within or outside the country. It becomes necessary when government expenditure is greater than government revenue. Unlike taxes or fees, public …
Why does a government borrow money?
Answer
A government borrows money when its expenditure exceeds its revenue. Public debt is used for budget deficits, infrastructure, wars, nuclear programs, welfare schemes, and public corporations.
Who defined public debt as a debt which a state owes to its own subjects or to the nationals of other countries?
Answer
Findlay Shirras gave this definition of public debt: "National debt is a debt which a state owes to its own subjects or to the nationals of other countries."…
How is public debt different from taxes and fees?
Answer
Public debt is a source of government revenue that must be repaid later. The government has to pay interest on it and return the principal amount. Taxes and fees are not repaid in this way.
Compare public debt and private debt in terms of compulsion.
Answer
A government can force people or institutions to lend funds to it in some situations, but a private individual cannot force another person to lend money.
How does the time period of public debt differ from private debt?
Answer
Government borrowing is usually for long periods because people have faith in it. Private debt is usually taken for short periods of time.
Why can the government borrow at a lower rate of interest than private borrowers?
Answer
The government has high creditworthiness, so lenders trust it more. Because of this, it can borrow at a lower interest rate than a private borrower, who may have to pay a higher rate because of risk.
How does the government repay loans, and how is this different from private debt?
Answer
The government repays loans by taxing the people. A private borrower repays debt from personal savings.
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