Revision Notes For Class 12 Economics Macroeconomics Chapter 5 Government Budget And The Economy

Government budget plays a vital role in the economy. Basically, government budget is the annual statement that shows receipts and expenditures of a financial year. This chapter comprises of broad concepts – meaning of government budget and its objectives, public goods, revenue receipts, capital receipts, revenue expenditure, capital expenditure, plan expenditure, non- plan expenditure, deficit budget, measures to reduce fiscal deficit, discretionary fiscal policy.

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