FM-11_PUBLIC-FINANCE-TERMS.pptx

PUBLIC FINANCE Public finance is a specialized field that deals with the government's revenue and expenditure. Understanding its terminology is crucial for informed citizenship and policy discussions. PUBLIC FINANCE LITERACY TERMS categories Core Public Finance Concepts Specific...

PUBLIC FINANCE Public finance is a specialized field that deals with the government's revenue and expenditure. Understanding its terminology is crucial for informed citizenship and policy discussions. PUBLIC FINANCE LITERACY TERMS categories Core Public Finance Concepts Specific Public Finance Terms Broader Economic Terms Related to Public Finance Core Public Finance Concepts REVENUE EXPENDITURE Income generated by the Government spending on public government, including taxes goods and services, such as (income, corporate, sales, education, healthcare, property), fees, licenses, and infrastructure, defense, and other sources. social welfare programs. Core Public Finance Concepts BUDGET FISCAL POLICY A financial plan outlining Government actions related to projected government spending and taxation to revenue and expenditure for influence economic conditions. a specific period. Core Public Finance Concepts PUBLIC DEBT The total amount of money owed by the government Specific Public Finance Terms TAX PROGRESSIVE TAX INCIDENCE Who bears the actual A tax where the tax rate burden of a tax (e.g., increases as income increases. consumers or producers). Specific Public Finance Terms REGRESSIVE PROPORTIONAL TAX TAX A tax where the tax rate A tax where the tax rate decreases as income remains constant regardless of increases. income. Specific Public Finance Terms TRANSFER PUBLIC GOODS PAYMENTS Government spending that Goods or services that are non- redistributes income, such excludable and non-rivalrous, as social security, often provided by the government unemployment benefits, and (e.g., national defense, public welfare programs. parks). Specific Public Finance Terms EXTERNALITIE FISCAL FEDERALISM S Costs or benefits imposed on The division of financial power third parties not directly between different levels of involved in a transaction. government (federal, state, local). Broader Economic Terms Related to Public Finance GROSS DOMESTIC INFLATION PRODUCT A general increase in prices over The total value of goods and time. services produced within a country. Broader Economic Terms Related to Public Finance DEFLATION ECONOMIC GROWTH An increase in the production of A general decrease in prices goods and services over time.. over time. Broader Economic Terms Related to Public Finance RECESSION A period of economic decline marked by a decrease in GDP.  The Constitutional and Legal Basis of Public Finance in the Philippines Public Finance Cycle Generation of Revenue from Formulation of Fiscal Policy Taxes & Other Sources