Decision making and forward planning go hand in hand with each other. Nature of Managerial Economics: The primary function of management executive in a business organisation is decision making and forward planning. Select Page. The Nature of Public Goods. Explain how public sector contributes to the economic development of a nation. In the words of Adam Smith: "The investment into the nature and principles of state expenditure and state revenue is called public finance". ECONOMICS DEPARTMENT Thayer Watkins. In contrast, public goods are those things that all people can simultaneously benefit from. Consider the case of small pox. Decision making means the process of selecting one action from two or more alternative courses of action. Meaning of Public Finance. Public expenditure, if properly allocated and efficiently used, can have a wholesome effect on the economy. Private goods are such that if one person get more of them then necessarily there will be less for the other people. A public good is described as a product or service with a use that is not decided by any one person or persons, but by society as a whole. explain the nature and scope of public economics The non-rival nature of consumption provides a strong case for the government rather than the market to provide and pay for public goods. asked Jul 16, 2017 in Economics by sforrest072 ( 128k points) Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to … The word public refers to general people and the word finance means resources.So public finance means resources of the masses,how they are collected and utilized.Thus, Public Finance is the branch of economics that studies the taxing and spending activities of government.The discipline of public finance describes and analyses government … In the 19th century economics was the hobby of gentlemen of leisure and the vocation of a few academics; economists wrote about economic policy but were rarely consulted by legislators before decisions were made. According to the integral view, ‘administration’ is the sum total of all the activities – manual, clerical, managerial, etc., which are undertaken to realise the objectives of the organisation. Economics, social science that seeks to analyze and describe the production, distribution, and consumption of wealth. Most economic arguments for government intervention are based on the idea that the marketplace cannot provide public goods or handle externalities. Public Finance: Definition and Explanation: Public finance, according to the traditional definition of the subject, is that branch of Economics which deals with, the income and expenditure of a government. 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