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Types of budget:
Surplus Budget: A surplus budget occurs when the expected government revenue is planned to exceed the proposed government expenditure. It can be achieved by reducing government expenditure or increasing taxation or both. A surplus budget is usually adopted to reduce inflationary pressures because it reduces aggregate effective demand in the economy.Deficit Budget:A deficit budget occurs when the government revenue estimate is less than the proposed government expenditure. The fiscal deficit can be financed by raising loans from both internal and external sources. A deficit budget may be used to stimulate domestic production during economic recession or depression.Balanced Budget: A government budget is balanced when its revenue estimate is equal to the intended expenditure. It is also called a neutral budget because it is usually adopted to keep the level of economic activities stable as in the preceding year.
optimal contracts under symmetric information
Reorder Point Techniques Systems based on reorder points assume that demand is uniform and predictable and that there is no true identifiable time of need. Hence, stock must a
An economist's view of costs contains both explicit and implicit costs. Explicit costs are accounting costs, and implicit costs are the opportunity costs of an allocation of resou
Surplus: Anysector or agent in economy (business, householdor government) experiences a surplus when its income surpasses its expenditure. Surplus, Economic: For the economy
The Cost Minimizing Input Choice - Assumptions Two Inputs: Labor (L) & capital (K) Price of labor: wage rate (w) The capital price - R = depreciation ra
Human numbers grew as the population after 1800 After 1800, human numbers grew as the population explosion took hold. It carried our entire population to 6 billion in October 1
Fixed input and variable input: A fixed input is that input whose quantity cannot be varied in the short-run when demand conditions require an increase or a decrease in produc
1. Suppose that Mr. John has the following Cobb-Douglas utility function U = 6X^2/3y^1/3 the market price of X and Y commodity are $1 and $2, respe
Increasing returns to scale and decreasing returns to scale: Increasing returns to scale occur when increases in all inputs by a certain percentage cause a relatively higher p
Manpower-Population Ratios In this technique, manpower will not be planned for the economy as a whole. It will be planned for sectors or sub-sectors of an economy. For instanc
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