Types of Cost | Monetary and Real Cost | Explicit and Implicit Cost | Private and Social Cost
Channel: MAHAVIDYA : IGNOU Economics
Date: 2023-03-13

Types of Cost | Monetary and Real Cost | Explicit and Implicit Cost | Private and Social Cost


Direct Costs,  Indirect Costs, Fixed Costs., Variable Costs, Operating Costs, Opportunity Costs. Sunk Costs,

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Difference between public finance and private finance
Basis Public finance  Private finance
Definition Public Finance is a study of government revenue and expenditure activities. Private finance is the study of the revenue and expenditure of individuals and private entities.


Objective The objective of public finance is to benefit the public. The objective of private finance is to make a profit.


Budget The government chose a deficit budget. Private individuals prefer a surplus budget.
Motive of Expenditure  Government makes a transaction for
public benefit private individuals make business transactions for profit.
Long term consideration  The government invests in projects that are beneficial for the public. Private investors put their money where the returns are quick and immediate.


Determination of expenditure. The government first decides the amount of expenditure and then finds resources of income. A private individual considers income first and then decides how much to spend.




Role of the public sector (role of the Government)
1. Securing conditions for functioning market mechanism government (Regulation and measures are needed)
2. Providing legal framework (the contractual agreement and exchange)
3. Provision of public goods and merit goods when the market field provides these goods.
4. Correcting the problem arising from externalities 
5. Correcting in equal distribution of income and wealth (Transfer of Property rights)
6. Securing social objectives (high employment level, price level stability, Desired rate of growth, poverty eradication, and economic development)
7. Controlling monopoly