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Public economics (or economics of the public sector) is the study of government policy through the lens of economic efficiency and equity. Public economics builds on the theory of welfare economics and is ultimately used as a tool to improve social welfare. Welfare can be defined in terms of well-being, prosperity, and overall state of being.
An economic system, or economic order, [1] is a system of production, resource allocation and distribution of goods and services within a society. It includes the combination of the various institutions , agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community.
The Journal of Economic Literature classification codes associate political economy with three sub-areas: (1) the role of government and/or class and power relationships in resource allocation for each type of economic system; [15] (2) international political economy, which studies the economic impacts of international relations; [16] and (3 ...
[2] Support Mechanisms: Advertising, marketing, subscription, social media, and crowdfunding revenues are examples of economic support for media organizations. These mechanisms influence which content is or is not published, and the nature of the commodity (content vs. the audience vs. advertisers), thus making these mechanisms relevant to PEC ...
Bureaucracy (/ b j ʊəˈr ɒ k r ə s i /; bure-OK-rə-see) is a system of organization where decisions are made by a body of non-elected officials. [1] Historically, a bureaucracy was a government administration managed by departments staffed with non-elected officials. [2]
Direct government action involving the use of money can be classified into 2 subsections. A government can either use its available resources to address the issue (Make), or can contract out to the private sector (Buy). Indirect government action involving money is the use of fiscal policy to indirectly affect behaviours.
A government is the system or group of people governing an organized community, generally a state. In the case of its broad associative definition, government normally consists of legislature, executive, and judiciary. Government is a means by which organizational policies are enforced, as
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".