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In view of the scarce resources, the question of whether all available resources are fully utilized is an important one. A community should achieve maximum satisfaction by using the scarce resources in the best possible manner—not wasting resources or using them inefficiently. There are two types of employment of resources: Labour-intensive
A scarce good is a good that has more quantity demanded than quantity supplied at a price of $0. The term scarcity refers to the possible existence of conflict over the possession of a finite good. One can say that, for any scarce good, someone's ownership and control excludes someone else's control. [20]
The government budget is both a product of government administration and political democratization. [7] The emergence of the capitalist mode of production and the high level of development of the commodity economy led to an expansion of the state's financial resources and a massive increase in both revenue and expenditure.
State capacity may involve an expansion of the state's information-gathering abilities. In processes of state-building, states began implementing a regular and reliable census, the regular release of statistical yearbooks, and civil and population registers, as well as establishing a government agency tasked with processing statistical information.
In economics, the field of public finance deals with three broad areas: macroeconomic stabilization, the distribution of income and wealth, and the allocation of resources. . Much of the study of the allocation of resources is devoted to finding the conditions under which particular mechanisms of resource allocation lead to Pareto efficient outcomes, in which no party's situation can be ...
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For most governments around the world, the majority of government spending takes place at the federal/national level. As of 2019, in the United States, approximately 55% of government spending is spent by the federal government, while the remaining 45% of government spending is spent by state and local government.
Property rights are also believed to lower transaction costs by providing an efficient resolution for conflicts over scarce resources. [43] Empirically, using historical data of former European colonies, Acemoglu, Johnson and Robinson find substantial evidence that good economic institutions – those that provide secure property rights and ...