1. Public Finance – Basic Concepts, Ties and Aspects

1. Public Finance Basic Concepts, Ties and Aspects Aim of this chapter to introduce to the issue of Public Finance ; to present Basic concepts of this topic and learn about their contents; to understand the linkages of Public Finance on economic theory. Key words Public Finance , Public sector, Public revenues, Public expenditures, functions of Public Finance , collectivism, individualism, allocation function, redistribution function, stabilization function, market failure, Lorenz curve, Gini coefficient, non-optional, non-refundable, non-equivalent. Required entry skills Basic orientation especially in macro and microeconomics, politics and related terms. Study time requirements Approximately 2 3 hours. Outline Basic concepts, ties and Aspects Linkages to economy of Public sector Public Finance causes of development Development of fiscal theory Basic Concepts, Ties and Aspects Public Finance as a concept may be understood on two levels 1) as a practical activity of all components of Public administration and 2) as a theoretical area.

10% and 60% of population receives approx. 20% of income. The coexistence of economic relationships between households and companies and the economic relationships and operations with public administration bodies and institutions (public finance) give rise to a mixed economy. It lies at the frontier between an open market

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