Archives: Terms

Definition of Punishment Strategy A punishment strategy in economics refers to a strategic mechanism employed in cooperative scenarios, typically within the framework of game theory. This strategy is used to enforce cooperation or deter deviation from agreed-upon behavior by implementing negative consequences or punishments if a party deviates from the […]

Definition of Public Works Public works refer to infrastructure and construction projects funded and undertaken by the government to benefit the public and improve the nation’s economy and quality of life. These projects often include the construction and maintenance of roads, bridges, water supply systems, sewage treatment plants, and public […]

Definition of Public Utility Public utilities are entities that provide essential services to the public, such as water, electricity, natural gas, and telecommunications. These services are typically regulated by government agencies because they are considered essential for everyday living and economic activity. Public utilities often operate as natural monopolies due […]

Definition of Public Spending Public spending, also known as government expenditure, refers to the money spent by the government to provide public goods and services. This can include expenditures on infrastructure, education, healthcare, defense, public safety, and social services. The aim of public spending is to enhance public welfare, promote […]

Definition of Public Sector Debt Repayment Public Sector Debt Repayment refers to the obligations of a government to pay back its borrowed funds. These funds can be obtained from various sources such as domestic or international lenders, individuals, businesses, or other governments. The repayment of this debt involves returning the […]

Definition of Public Sector Debt Public sector debt, also referred to as government debt or national debt, is the total amount borrowed by the government of a country to finance its expenditures that exceed the revenue generated from taxes and other sources. This debt can be accumulated through the issuance […]

Definition of Public Sector Borrowing Requirement Public Sector Borrowing Requirement (PSBR) refers to the amount of money the government needs to borrow to cover any shortfalls between its expenditures and revenues. It is a crucial aspect of fiscal policy and represents the government’s demand for financial resources from the domestic […]

Definition of Public Sector The public sector refers to the part of the economy that is controlled, operated, and maintained by the government. It includes various governmental agencies, departments, and public institutions that provide services to the citizens of a country. These services can range from essential functions like national […]

Definition of Public Procurement Public procurement refers to the process by which government departments or agencies purchase goods, services, or works from the private sector. This includes a wide range of purchases, from office supplies and medical equipment to large-scale construction projects and professional services. Public procurement is governed by […]

Definition of Public Ownership Public ownership refers to the situation where assets or enterprises are owned and controlled by the government or state on behalf of the citizenry. This means that publicly-owned entities are managed and operated for the benefit of the general public, rather than for private profit. Public […]