Economics Archives - Awan Properties

Economics

National Income

What is National Income? Various Approaches to National Income

National Income According to Dr. Marshall “ Aggregate of goods and services produced by utilizing the resources and capital in a country in a fixed period of time which is generally a year, is called National Income. Various Approaches To National Income There are various approaches to National Income which are as follows Gross National Product (GNP) Net National Product (NNP) Gross...

Government Expenditure - Awan Properties

Where The Government Spent Its Income?

Government A group of people, who has the authority to govern people or a state. As the government generates income from various sources, Likewise it has to incur expenditures on various counts. There are the following heads on which the government spent its income. Heads Of Government Expenditure Defence Defence is the basic necessity of every citizen. To this end, the government must...

Trade

Difference b/w Domestic & International Trade

Before discussing the difference between domestic and international trade, let us know about Trade. What is Trade? The exchange of goods and services from one people to another in which both of them are equally satisfied is called Trade. For example, two common men (Ahmad and Ali): Ahmad has food but needs wool, whereas Ali has wool but needs food. So, Ahmad and Ali will exchange goods with each...

Taxes

Different Kinds Of Taxes

As citizens, it is our responsibility to make sure that our country is doing well socially and economically. Taxes must be levied on every citizen so everyone pays tax so it will not affect our country’s growth anymore. The government must consider some laws in collecting taxes so that the amount may be collected properly and spent on the desired objectives. I.e On Infrastructure, health institutions,...

Non-tax receipts

Government Revenue From Non-Tax Receipts

There are many other non-tax sources through which the government generates revenue.  Non-tax revenue is the income earned by the government other than tax sources. These include standard user charges and earnings from state assets. The following are the sources of government revenue from non-tax receipts Non-Tax Receipts Fee This is a user charge for availing of some concessions or...

Taxes

Government Revenue From Taxes

The government generates its income from different sources. Tax is one of the sources of income of the government. Before stepping into the details of sources of government revenue, we should know What is Tax. Tax “A number of money people pay according to their income, the value of their property, etc to the government is called Tax” Taxes are the most important source of government income....

Public and Private Revenue

Difference Between Public Revenue & Private Revenue?

Revenue Before discussing Public or Private Finances, we should know What is Revenue? Generally, Revenue is the income of a person or organization that they earned. Public Finance or Private Finance deals with the ways of income and expenditure in their respective field.  The major aim is the theory of getting maximum welfare, profit, and benefit in spite of smaller income sources. They will...

Functions of Money

Functions Of Money

After discussing the evolution of money, let's discuss how money works, or we can say what are the functions of money. At early ages, people used to exchange goods and services through barter systems, and then gradually money was invented.  Now money is serving the following functions to people to make their life easy. Functions Of Money  In the modern era, money plays an important role, the...

Laws of taxation - Awan Properties

Laws Of Taxation

Ever wonder what is the difference between developed and non-developed countries? A country that has a high-quality life, developed economy, and advanced technology infrastructure is a developed country while a country that has less income and an unbalanced economy is a non-developed country. So, the Developed Society leads to the Developed Nation. One can dream of living in a developed society. So,...

Evolution of money

Evolution Of Money – Origin Till Now

Evolution Of Money The evolution of money is one of the remarkable factors in the history of mankind. It is impossible to restrict humans to geographical boundaries because they have evolved throughout centuries. Basic necessities are required needed by people for sustaining life at an early time. Necessities were gained through trading. Bringing people together for mutual benefit, through...

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