the basic principle of public economic is
Answers
Answer:
Public economics (or economics of the public sector) is the study of government policy through the lens of economic efficiency and equity. ... distributional effects of taxation and government expenditures. analysis of market failure and government failure.
Answer:
Public economy is studying the government policies regarding economic efficiency of the country and equity.
Explanation:
public economy has principles that have helped to establish various theories of welfare.
- the establishment of usefulness of a resource
- unbiased distribution of wealth and income
- understanding the role of government and it's policies in economy
- allowing a country to specialize in what they are good at
Examples : Iran is known for its oil ,
US for its defence technology and Silicon Valley,
India for its diverse culture and local domestic goods.
A country's standard of living depends on its GDP , in other terms it's capacity to produce goods and services.
Ultimately, the goal is to improve Social welfare .