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Revision Notes

Public Expenditure

ICSE · Class 10 · Economics

Quick revision notes for Public Expenditure — ICSE Class 10 Economics. Key concepts, formulas, and definitions for last-minute revision.

44 questions34 flashcards5 concepts

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Key Topics to Revise

1

Meaning and Objectives of Public Expenditure

  • Public expenditure is the money spent by Central Government, State Government, and Local bodies to satisfy common wants of people.
  • Public expenditure occupies in public finance the same importance that consumption occupies in economics.
  • Public expenditure is not only a financial activity; it also aims at securing social objectives.
2

Types of Public Expenditure

  • In India, government expenditure is classified into Revenue Expenditure and Capital Expenditure.
  • Revenue Expenditure includes current expenditure on administration, defence, and public commercial undertakings such as railways, post and telegraphs, and grant-in-aid to states.
  • Revenue Expenditure does not create assets.
3

Reasons for the Growth of Public Expenditure

  • Public expenditure has grown strongly in modern times because the modern state performs many functions.
  • Wagner's Law explains that state activities keep increasing over time.
  • Wagner maintained that there is a persistent tendency both towards an extensive and an intensive increase in the functions of state.
4

Role of Public Expenditure in Economic Development

  • Public expenditure on economic and social infrastructure provides larger employment opportunities.
  • It raises the productive capacity of the economy.
  • Public expenditure on public enterprises helps produce essential commodities and reduce private monopolies.

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Full Notes

Key Concepts

Expenses incurred by Central GovernmentThe main objectives are internal peaceCurrent expenditure on administrationExpenditure on acquisition of assetsExpenditure incurred on economic and social

Frequently Asked Questions

What are the important topics in Public Expenditure for ICSE Class 10 Economics?
Public Expenditure covers several key topics that are frequently asked in ICSE Class 10 board exams. Focus on the core concepts listed on this page and practise related questions to build confidence.
How to score full marks in Public Expenditure — ICSE Class 10 Economics?
Understand the core concepts first, then work through the 44 practice questions available for this chapter. Revise formulas and definitions regularly, and use flashcards for quick recall before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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