Bring a few wrapers of soaps toothpastes tablet stripes or any other things of daily use which contain MRP. Discuss the rate mentioned and the rate at which they are sold. Talk about the profit that the retailer gets.
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Explanation:
In most modern societies, the government is responsible for a number of crucial functions.
These include the more traditional functions like defending the country, maintaining law and order, the provision of public facilities, establishment of factories, and other developmental and welfare activities.
Revenues are necessary to finance the expenditures of the government.
In order to steamline the income and expenditure, every government prepares a budget for each financial year.
Deficit, between expenditure and revenue, will usually be filled by imposing additional taxes.
Hence the budget always talks of taxes.
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