Size of the Public Sector Lecture

Flashcards covering key terms and definitions related to the size of the public sector and its dynamics.

Public Sector

The part of the economy that is controlled by the government.

Government Expenditure

The total amount of goods and services purchased by the government.

Transfer Payments

Payments made by the government to individuals without an exchange of goods or services, aimed at redistributing income.

Legal System

A framework established by the government to regulate behavior and enforce laws.

Public Goods

Goods that are non-excludable and non-rivalrous, often provided by the government.

Redistributing Income

The process through which the government adjusts the distribution of income, often through taxation and transfer payments.

Government Functions

Various roles performed by government including public order, education, health, and social protection.

Public Private Partnerships

Cooperative arrangements between public and private sectors for the purpose of delivering public services.

Economic Affairs

Government activities related to the management of the economy, including transport, agriculture, and infrastructure.

Employment Levels

The measurement of the number of people employed in the public sector used as an indicator of public sector size.