The role of the public sector notes

These are the words you need for the role of the public sector. The public sector is also called the state or government. It provides certain goods and services to citizens and determines policy on…

This section explains who makes up the public sector and why the state is needed: to supply public goods, to conserve resources, and to manage the economy. The public sector is also called the state…

This section explains six factors that cause poor provisioning of goods and services by the public sector: accountability, efficiency, assessing needs, pricing policy, parastatals, and privatisation…

This section explains the five macroeconomic objectives of the public sector, and the budget, which is used to pay for them. The objectives are economic growth, full employment, exchange rate…

This section explains fiscal policy: its features, the tax structure, its effects on the economy, the Laffer curve, and the discretion of the Minister of Finance. The budget can be used to stimulate…

This section explains public sector failure: what it looks like (ineffectiveness and inefficiency), why it happens, and its effects. Public sector failure (also called government failure) happens…