What is Public Debt?
When the planned expenditure of the government exceeds its total revenue, the government needs to borrow money from individuals and organizations. This is called public debt.
Economics
Meaning and Scope of Public Finance
Professor Dalton defined public finance as being connected with the income and expenditure of public authorities, with the adjustment of one to another. Tax revenue and non-tax revenue are the two sources of income.
Elementary Theory of Demand
Demand for a good refers to the desire to buy a good backed with sufficient purchasing power and the willingness to spend. Individual demand for a commodity is the quantity of a commodity which an individual household is willing to buy at a particular price during a specific period.
Law of Demand
The law of demand states that other things remaining constant, the quantity of a good demanded increases with a fall in the price and diminishes when the price increases.
Consumer Protection Act
The spread of the consumer movement in India has been influenced by the Government of India in favour of consumer protection. They enacted the Consumer Protection Act in 1986 to safeguard the interests of consumers.
Rights and Duties of a Consumer
Here is the List of Consumer Rights ~ Right to Safety, Right to choose, Right to be heard, Right to seek redressal, Right to consumer education, Right to be informed
Consumer Awareness
Consumers’ consciousness towards their rights and duties is known as consumer awareness. Consumers should be aware of their rights to ensure proper standards of goods and services they purchase.
Effects of Inflation
Before start reading about effects of inflation you should know what causes inflation. Inflation is a sustained increase in the aggregate price levels. It refers to a state of rising prices and not a state of high prices.
How to Control Inflation?
Fiscal measures to control inflation include taxation, government expenditure and public borrowings. The choice of fiscal measures for controlling inflation depends on the causes of excess demand as follows:
Causes of Inflation
If there is an excess of aggregate demand in the economy over aggregate supply, the general price level will tend to increase, which leads to inflation. In this article we are going to discuss causes of inflation.