Public Finance aims to allocate resources efficiently by correcting market failures and providing public goods and services that the private sector cannot or will not provide.

Personal income tax is a major source of government revenue in many countries, as it is levied on the income earned by individuals.

Government consumption refers to the spending by the government on goods and services that are directly consumed by the public, such as education, healthcare, and infrastructure.

Fiscal policy aims to influence the economy by adjusting government spending and taxation to achieve specific economic goals, such as stimulating economic growth or controlling inflation.

National defense is an example of a public good because it is non-excludable (i.e., it is impossible to prevent people from enjoying the benefits of national defense) and non-rivalrous (i.e., one person's consumption of national defense does not diminish the benefits available to others).

Public debt refers to the total amount of money that the government owes to its creditors, including domestic and foreign investors.

A graduated tax is a progressive tax, meaning that the tax rate increases as the taxable income increases.

Privatization refers to the sale of government-owned assets to private individuals or companies.

Social security benefits, unemployment benefits, and welfare payments are all examples of government transfer payments, which are payments made by the government to individuals or households without receiving any goods or services in return.

Fiscal policy refers to the government's use of taxation and spending to influence the economy.

Infrastructure investment, such as roads, bridges, and public transportation, is a type of government expenditure that is intended to benefit future generations.

Progressive taxation refers to the government's use of taxation to redistribute income and wealth by taxing higher-income individuals at a higher rate than lower-income individuals.

Transfer payments are a type of government expenditure that is intended to provide direct assistance to individuals or households, such as social security benefits, unemployment benefits, and welfare payments.

Taxation refers to the government's use of taxation to raise revenue.

Government investment, such as infrastructure investment and research and development, is a type of government expenditure that is intended to stimulate economic activity.