Group 1 Saturday, December 16, 2023

INTRODUCTION TO
PUBLIC ECONOMICS
Group 1 Moses Lowell Orante

Meaning and
Importance of Also under public

Public Economics economics,

microeconomic theory is
employed to evaluate
Public Economics whether the private
market can achieve
examines government policy from an efficient results without
economic efficiency and equity government
perspective. Public economics is a
field that builds upon welfare
intervention.
economics theory.

page 01
four fundamental questions
When should the government
intervene in the economy?

Public economics is a field that

addresses four fundamental questions
How might the government regarding its importance
intervene?

What is the effect of those interventions

on economic outcomes?

Why do governments choose to

intervene the way they do?
page 04
To understand the importance of Public Economics in
contemporary society, it is essential to grasp some key
topics within the field, including market failure. This
includes studying concepts such as public goods,
externalities, and imperfect competition, as well as the
formulation and execution of government policies.

page 02
 Public Goods

Certain goods or services are all made available for the members of the society. These
services are usually provided by governments and funded through taxation.

Challenge markets because non-excludability means it’s difficult to charge non-

taxpayers (the free rider problem).

Non-rivalry means that it’s inefficient to exclude everyone.

page 03
Two characteristics of Public Goods
EXCLUDABLE NONEXCLUDABLE

Private Goods/Rival Common Resources/Rival

Jeans Tuna in the ocean

Hamburgers The Environment
Contact lenses Public roads

Club Goods/Rival Public Goods/NonRival

Cable TV Asteroid Deflection

Wi-Fi National Defense
Digital music Environmental
platforms Protection
page 04
 Externalities
An externality refers to the cost or benefit of an economic activity
that is incurred by a third party who is not directly involved

page 05
 Negative Externality
An externality refers to the cost or benefit of an economic activity
that is incurred by a third party who is not directly involved

Air Water Noise Traffic

Pollution Pollution Pollution Congestion
The factory uses fossil A tanker spill has resulted Residents in close
fuels in its production in the devastating proximity to a
process. The deteriorating destruction of wildlife in major airport
air quality is causing harm the sea and has had a experience
to both the residents in the significant impact on the significant noise
nearby area and the coastal communities. pollution.
factory workers.

page 07
 When a benefit spills over to a
third-party, it is known as a positive
externality. The government can
discourage negative externalities by
implementing taxes on goods and
services that create spillover costs.
 Perfect and Imperfect Competition

Imperfect
Perfect Competition Competition

occurs when there are many Imperfect competition varies based on

sellers, easy entry and exit of firms, entry barriers, firm objectives, product
identical products, and sellers are nature, and market. Imperfect
price takers. competition causes social cost, and the
government should minimize it.
 Notable
Imperfections
1 Companies sell different products

2
Barriers exist for exit and entry.
2
3 Poor output and high prices.
POSITIVE ECONOMICS
Describes and explains economic
developments and phenomena.
Relies on objective data analysis and
relevant facts.

tive econom
ma ics
or
n
p o sitiv e a n d NORMATIVE ECONOMICS

focuses on improving economic

development, investment projects,
and wealth distribution through
value-based judgements.
Saturday, December 16, 2023 Jerica C. Coyoca

What is Public Finance?

is the field of economics that

deals with public authorities'
studies government activities and
income and expenditures and
the alternative means of financing
adjusting them.
government expenditures.
-Hugh Dalton (1992)
-David Hyman (1990)
 Objectives

Meeting Public Economic Growth Reduced Establish

Requirements and Development Inequalities Price Stability
 Components
1 Public Revenue

Public Expenditures 2
3 Public Debt

Financial Administration 4
Philippines’ Public Finance Data

Figure 1. Government Revenue (2022) Figure 2. Government Expenditures (2022)

Philippines’ Public Finance Data

Figure 3. Government Debt (2022)

 Ideologies of Public Finance
This view conceives of society as a natural organism. Each
individual is a part of this organism, and the government
Organic View of can be considered its heart. The state sets society's goals,
which attempt to lead society toward their realization.
Government
-Harvey S. Rosen, Public Finance, 9th Edition

In this view, the government is not an organic part of

Mechanistic View of society. Government is a trust, and the officers of the
government are trustees. Both the trust and the trustees
Government are created for the benefit of the people.

-Henry Clay, 1892

IMPORTANCE OF PUBLIC
FINANCE
Public finance entails the management
of government funds by the
agencies/departments to achieve
public policy goals, including
municipal, state, and federal. Assisting
the governments in using the allocated
resources to create jobs and elevate
the individuals living within an
economy.
Ambisyon Natin 2040
By 2040, the Philippines will be a
prosperous, predominantly
middle-class society where no
one is poor, our people will live
long and healthy lives, be smart
and innovative, and will live in a
high-trust society.”
- Philippine AmBisyon States
Sustainable Development Goals
The Sustainable Development
Goals (SDGs) aim to transform
our world. They are a call to
action to end poverty and
inequality, protect the planet,
and ensure everyone enjoys
health, justice, and prosperity.
- World Health Organization
(WHO)
Philippine Development Plan
The PDP 2023-2028 is a plan for profound
economic and social transformation to
reinvigorate job creation and accelerate poverty
reduction by steering the economy back on a
high-growth path. This growth must be inclusive,
building an environment that provides equal
opportunities to all Filipinos and equipping them
with skills to participate fully in an innovative and
globally competitive economy.

- National Economic and Development Authority

(NEDA)
8 Point Socio-Economic Agenda of
President Bongbong Marcos
The Philippines Public
Finance Application
 The Department of Education (DepEd) receives the largest

Education allocation at P924.7 billion, including funds for the

Universal Access to Quality Tertiary Education program,
textbooks, and feeding programs.

Healthcare
With 306.1 billion pesos allocated in the proposed national
budget 2024, the Department of Health (DOH) will ensure and
provide accessibility of medical/financial assistance in all
aspects, medical funds, and public hospitals.

Public The proposed national budget 2024 in the Department

of Public Works and Highways (DPWH) allocated
resources of 822.2 billion pesos, and the largest

Works
allocated source is flood management in addressing the
perennial flooding problem.
 Relationship of Public
Finance and Economics
 Public Economic Public Finance Key
Key Terms: Terms:

Public Revenue, Expenditure, and

Theory of Welfare Economics
Debt
Social Welfare
Role of the Government in the
Optimize Wealth Maximization Economy
Social Efficiency Government Planning
Public Choice Government Funds
Property Tax Information
Fiscal Function
Allocation, Distribution and Stabilization
by Erminda Rose Gumban

role and duties of the government in carrying out

fiscal policy and managing its finances.
Erminda Rose Gumban Saturday, December 16, 2023

FISCAL POLICY
process
CONTRACTIONARY POLICY

government reduce aggregate demand and control

inflationary pressures in the economy.
generates the
economy through
taxing and spending
.
EXPANSIONARY POLICY
pursue and uphold
stimulate aggregate demand and grow
responsible fiscal
the economy through spending.
policy.
 Two Types of Fiscal Policy

Contractionary Expansionary
Fiscal Policy Fiscal Policy
since economic output fell, the tax base also fell.
Expansionary Fiscal
2
Policy
1 Bayanihan I (RA 11469)

Bayanihan II (RA11494) .
2
3
 MERCANTILISM Imperial Expansion

nmen
Monopoly over trade

er t
government promotes a favorable
balance of trade for the pursuit of
national power and nation-building
gov
and moral supremacy among other

nd
a
countries.

ec i e

s
ono l o g
m ic id e o LIBERALISM

“Laissez-faire” or let it happen or

leave it alone, wherein the
Property Rights government should play a little role
alongside letting individual freedom
in economic activities.
 SOCIALISM
Advocates for public control in the

vernment
o
means of production, distribution,
and exchange as well as ownership
and regulation.
d g
an
ec i e

s
ono l o g
m ic id e o KEYNESIAN

John Maynard Keynes believes in the

active role of the government in
addressing social and economic
inequalities and stabilizing the
economy.
 The Government’s Three-
Allocate
Fold Economic Role or
Economic Branches
(According to Richard
Distribute
Musgrave)

Stabilize

page 06
Fiscal Function of Allocation

Infrastructure
Healthcare
Development

Public
Education
Administration

page 07
GOVERNMENT FINANCE:
WHO TAXES WHAT?
ROLE OF THE PH FISCAL
INSTITUTIONS
Pauline Reinne Alcaria DBCC Saturday, December 16,2023

Executive Order Review and Approve

Macroeconomic Targets
No. 232 amended
by PD No. 136 Recommend Presidential
approval to annual expenditure

(Sept. 22, 1972) -

Integrated Recommend Proper Allocations
of Expenditures

Reorganization
Plan Assessment of Reliability of
Revenue Estimates

Development Budget
Coordinating Committee
Periodic Review and General
(DBCC) Examination of Accomplishments
 DEVELOPMENT BUDGET
COORDINATING COUNCIL

Resource Allocation and Revenue Generation and Overall Macroeconomic Presidential Oversight
Management Debt Management Policy
 DEVELOPMENT BUDGET
COORDINATING COUNCIL

Monetary Audit Institution

Bicameral Legislature
 BUDGET CYCLE AND THE ROLES OF
FISCAL INSTITUTIONS

BUDGET BUDGET BUDGET BUDGET

PREPARATION LEGISLATION EXECUTION ACCOUNTABILITY
 BUDGET CYCLE AND THE ROLES OF
FISCAL INSTITUTIONS

BUDGET BUDGET BUDGET BUDGET

PREPARATION LEGISLATION EXECUTION ACCOUNTABILITY
Budget BUDGET REVIEW AND
CONSOLIDATION BY
EXPENDITURES

Preparation DBM Economic

Development
NATIONAL EXPENDITURE Social Services
PROGRAM AND BESF
BUDGET CALL BY General Public Services
(BUDGET EXPENDITURES
DBM National Defense
AND SOURCES OF
FINANCING)
Public Debt

AGENCY BUDGET
PRESENTATION TO SUBMISSION OF THE
PROPOSALS
THE PRESIDENT AND APPROVED BUDGET
HEARINGS/FORUMS
CABINET TO THE CONGRESS
 BUDGET CYCLE AND THE ROLES OF
FISCAL INSTITUTIONS

BUDGET BUDGET BUDGET BUDGET

PREPARATION LEGISLATION EXECUTION ACCOUNTABILITY
Budget
SENATE HEARING
Legislation UNDER FINANCE
COMMITTEEE

HoR
APPROPRIATIONS
APPROVAL OF THE SENATE
BUDGET HEARING
AND BICAMERAL
CONFERENCE COMMITTEE

HOUSE APPROVAL
AND SUBMISSION TO PRESIDENT SIGNS
THE SENATE GAA
 BUDGET CYCLE AND THE ROLES OF
FISCAL INSTITUTIONS

BUDGET BUDGET BUDGET BUDGET

PREPARATION LEGISLATION EXECUTION ACCOUNTABILITY
Budget Obligations on behalf of the government

AGENCIES’
Execution IMPLEMENTATION OF
PROJECTS/ACTIVITIES

DBM ISSUANCE OF
PROGRAMS AND
GUIDELINES FOR THE
RELEASE OF FUNDS

ALLOTMENT Allotment release in two

RELEASE PROGRAM
forms: Agency Budget
AND CASH RELEASE
Matrix (ABM) or SARO
PROGRAM
 BUDGET CYCLE AND THE ROLES OF
FISCAL INSTITUTIONS

BUDGET BUDGET BUDGET BUDGET

PREPARATION LEGISLATION EXECUTION ACCOUNTABILITY
Budget Accountability HoR approves House
Bill 9674 or the
PERFORMANCE
TARGETS AND Revised Government
OUTCOMES Auditing Act

BUDGET Reorganizing the

ACCOUNTABILITY
powers and
REPORTS
functions
Professionalizing
REVIEW OF AGENCY
PERFORMANCE audit
services
Upgrading systems
Types of Taxes
What you Earn (Personal Income Tax)
What You Buy (Value-added Tax)
What you Own (Property Tax)

Who Taxes What?

Where do taxes go?
Bawat pisong nakokolekta, tiyak ang pupuntahan: Piso itong
diretso sa kalsada, piso para sa bakuna, piso para sa
classroom at upuan, piso para sa ating kinabukasan. -
(Benigno S. Aquino III)
Where do taxes go?
We will make the next few years the golden age of
infrastructure in the Philippines to enhance our mobility and
connectivity, and thereby spur equitable growth and
development, in other words, we are going to build, build, and
build - (Rodrigo R. Duterte, 2018)
Where do taxes go?
Our aim is to boost our local agricultural production—through
consolidation, modernization, mechanization, and improvement
of value chains—augmented by timely and calibrated
importation, as needed - (Ferdinand “Bongbong” Marcos Jr.,
2023)
First Function: Allocation
First Function: Allocation

Center for Media Freedom and Responsibility

First Function: Allocation
In the 2024 NEP, the Department of Budget and Management (DBM) allocated SUCs a
₱100.88-billion budget. This is 5.75% less than the ₱107.037 billion SUCs were given in
the 2023 General Appropriations Act, and also less than a third of the ₱331.3 billion
which these institutions first asked for in the 2024 NEP (CNN Philippines, 2023)

Education: Php 924.7 billion in 2024, a 3.3 percent increase from its Php 895.2 billion
allocation in 2023. (Technical Notes on the Proposed Budget of DBM, 2024).

DepEd (Php 758.6 billion), State Universities and Colleges (SUCs) (Php 105.6 billion),
Commission on Higher Education (CHED) (Php 31.0 billion), Technical Education and
Skills Development Authority (TESDA) (Php 15.2 billion), and other educational
institutions (Php 14.3 billion)
Second Function: Distribution

INCOME SUPPORT REDISTRIBUTION IN-KIND

(PANTAWID PAMILYANG PILIPNO (PAMBANSANG PABAHAY PARA SA
PROGRAM) PILIPINO PROGRAM)
 MAINTAIN PRICE STABILITY PROMOTE MONETARY
STABILITY

CONVERTABILITY
OF PESO

SAFE, SECURE, AND

EFFICIENT
PAYMENT SYSTEM
MONETARY POLICY

Third Function: Stabilization

J Carlo Tresiana Saturday, December 16, 2023

Interaction of Public and Private Sector

Private Sector- is a sector of the economy
that encompasses businesses, enterprises,
and industries that are operated and owned
by private individuals or entities.

Private sectors can be anything that operate

across various sectors without direct
government help

Example: PLDT, Globe, BDO, BPI, SM,

Jollibee, SMC, Ayala, and SMEs
page 08
Public Sector Department of The Department of
Education (DepEd) Public Works and
is a sector of the economy Highways (DPWH)
that comprises governmental
organizations, institutions,
Department of Social
and services that are owned, Department of Welfare and
operated, and funded by the Health (DOH) Development (DSWD)

government.

Department of Social
Welfare and
Development (DSWD)

Philippine National
Police (PNP
 PRACTICAL APPLICATIONS OF
PUBLIC AND PRIVATE GOODS IN
THE PH
Public Good Private Goods Using Public Good Using Private Good

Expensive
Public Transpo
Direct to
Taxi, Motor taxi is cheaper
destination
Transportation LRT, MRT, PNR (joyride, angkas) Accessible
Provides
Grab Provides Mass
Comfort and
transit
Flexibility
 PRACTICAL APPLICATIONS OF
PUBLIC AND PRIVATE GOODS IN
THE PH
Quality
Affordability
Ateneo de Resources
Diversity and
Education PUP, UP Manila Uni, Expensive
Inclusivity
Dela Salle Uni. Limited
Crowding
Diversity
 Public-Private
Partnerships
PPPs involve collaboration between the
government (public sector) and private
companies or entities to jointly provide goods,
services, or infrastructure.

Example: "Build-Operate-
The government retains some control or
Transfer" (BOT) scheme was
ownership while allowing private investment
employed in projects like the
and expertise to develop and manage these
North Luzon Expressway (NLEX)
projects.
and the South Luzon Expressway
(SLEX) expansion and
rehabilitation.
Outsourcing and
Contracting
Governments often outsource
certain services or functions to
private companies.

This arrangement allows the Example: The Department of Information

private sector to deliver services and Communications Technology (DICT)
or other government agencies frequently
more efficiently while the
contract private IT firms for software
government retains oversight.
development, database management,
network infrastructure, and cybersecurity
services.
Regulation
Governments regulate and oversee
private sector activities through laws,
regulations, and agencies.

Example:

Bangko Sentral ng Pilipinas (BSP and

Food and Drug Administration (FDA)
Public Subsidies
and Incentives
Governments also provide subsidies,
grants, or incentives to private
companies to encourage specific
activities or investments. In the
Philippines, incentives may include tax
breaks or grants to promote industries

Example: The Renewable Energy Act of

2008 and The Philippine Export
Development Act
THANK YOU FOR LISTENING!

Pauline Jerica Coyoca Erminda Moses Lowell J Carlo C.

Reinne Member Rose Orante Tresiana
Alcaria Gumban Member Member
Group Leader Member
Group 1 Saturday, December 16, 2023

REFERENCES
AmBisyon Natin 2040. (n.d.). About AmBisyon Natin 2040. (n.d.). Retrieved
from: https://2040.neda.gov.ph/about-ambisyon-natin-2040/

Bureau of Internal Revenue (n.d) Guide to Philippines Tax Law Research - . BIR.
Retrieved from: https://www.bir.gov.ph/index.php/legal-matters/guide-to-
philippines-tax-law-research.html

CMFR Staff. (2022). Media track cuts, spikes in Marcos’ proposed budget.
CMFR. Retrieved from: https://cmfr-phil.org/in-context/for-the-record-in-
context/media-track-cuts-spikes-in-marcos-proposed-budget/
Group 1 Saturday, December 16, 2023

REFERENCES
CNN Philippines Staff. (2023). 30 SUCs suffer funding cuts in proposed 2024
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https://www.cnnphilippines.com/news/2023/9/21/30-sucs-budget-cuts.html?
fbclid=IwAR2U1v3AAJ8i7YdBzENt9WSvh66nygfrCcHdmMK_KryCd3DvnUyYRx
iJ3IE

Commision on Audit. (n.d). Ruling 8. COA. Retrieved from:

https://www.coa.gov.ph/wp-content/uploads/ABC-
Help/Jurisprudence_B/Ruling8.htm

Commision on Audit. (n.d). Ruling 10. COA. Retrieved from:

https://www.coa.gov.ph/wp-content/uploads/ABC-
Help/Jurisprudence_B/Ruling10.htm
Group 1 Saturday, December 16, 2023

REFERENCES
Commision on Audit. (n.d). Ruling 11. COA. Retrieved from:
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Help/Jurisprudence_B/Ruling11.htm

Cruz, RG. (2023). House approves bill reorganizing COA. ABS-CBN. Retrieved
from: https://news.abs-cbn.com/news/12/12/23/house-approves-bill-
reorganizing-coa

Dalton, H. (2008). Principles of Public Finance. Routledge.

DBM. (n.d.). Briefer on the - 2024 Proposed National Budget. Retrieved from
https://www.dbm.gov.ph/wp-content/uploads/Our%20Budget/2024/2024-
Budget-at-a-Glance-Proposed.pdf
Group 1 Saturday, December 16, 2023

REFERENCES
Diokno-Sikat, J. et al. (2022). Analysis of the 2023 President’s Budget.
Pidswebs. Retrieved from:
https://pidswebs.pids.gov.ph/CDN/document/PPT_Nov16_SicatRuiz.pdf

Dofweb. (2022). Fiscal consolidation and resource mobilization plan necessary

to reverse P3.2-T COVID-related debt and recover from economic crisis–DOF -
Department of Finance. Department of Finance.
https://www.dof.gov.ph/fiscal-consolidation-and-resource-mobilization-plan-
necessary-to-reverse-p3-2-t-covid-related-debt-and-recover-from-economic-
crisis-dof
Group 1 Saturday, December 16, 2023

REFERENCES
Dolar, V. (n.d.). Introduction to Public Economics | Public Economics. Lumen
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1/#:~:text=Public%20economics%20builds%20on%20the,extent%20it%20sho
uld%20do%20so.

DSWD. (2018). Philippines Conditional Cash Transfer Program Impact

Evaluation 2012. DSWD. Retrieved from: https://pantawid.dswd.gov.ph/wp-
content/uploads/2018/09/IE-Wave-1-Executive-Summary-1.pdf

Econlib. (2018) . “Fiscal Policy - Econlib,”. Retrieved from:

https://www.econlib.org/library/Enc/FiscalPolicy.html.
Group 1 Saturday, December 16, 2023

REFERENCES
Fontinelle, A. (2023). Positive vs. Normative Economics: What's the Difference?
Investopedia. Retrieved from:
https://www.investopedia.com/ask/answers/12/difference-between-positive-
normative-
economics.asp#:~:text=A%20positive%20statement%20is%20one,on%20opin
ion%20or%20subjective%20values

Hyman, D. N. (n.d.). Public Finance A Contemporary Application of Theory to

Policy, 10th ed. Retrieved from
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Public-Finance.pdf
Group 1 Saturday, December 16, 2023

REFERENCES
IBON Foundation. (2023). Marcos Jr administration’s 2024 budget priorities.
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fbclid=IwAR2pJQ0bPEzDpCunke92uQgR7lKyS4gkBDRuadrheVZ4VA3qheA-
IRPt3as

Kenton, W. (2022, December 31). Externality: what it means in economics, with

positive and negative examples. Investopedia.
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ality%20is%20a%20cost,of%20a%20good%20or%20service.

Marginal Revolution University. (2015). A deeper look at public goods [Video].

YouTube. Retrieved from: https://www.youtube.com/watch?v=hA2z-X31IvI
Group 1 Saturday, December 16, 2023

REFERENCES
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mix. Retrieved from: https://www.rappler.com/business/newsbreak-explainers-
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National Economic and Development Authority. (2023). NEDA. Philippine

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development-plan-2023-2028/

Oboloo. (n.d). Definition of Fiscal Function. Oboloo. Retrieved from:

https://oboloo.com/glossary/fiscal-functions/
Group 1 Saturday, December 16, 2023

REFERENCES
Official Gazette (2008). Republic Act No. 9513. Retrieved from
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Pineda, J.M. (2023). Proposed 2024 national budget allocates P924.7 billion to
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allocates-p9247-billion-to-education-sector?
fbclid=IwAR0Im3zGp9pb0QFPPl8wF-1KZYf6IlNF4h-
IDxPu5kUmmhIPGXdYuzI8twg

Professor Dave Explains. (2021). Public goods and externalities [Video].

YouTube. Retrieved from: https://www.youtube.com/watch?v=K4qvB7KXAw4
Group 1 Saturday, December 16, 2023

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industries/government/#:~:text=Government%20outsourcing%20refers%20to
%20public,investment%2C%20or%20payment%20for%20services.
Group 1 Saturday, December 16, 2023

REFERENCES
Statista. (n.d.). Public Finance - Philippines | Statista market forecast.

Stiglitz, J. (2000). Economics of the Public Sector. Edisciplinas. Retrieved

from:
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tiglitz-Economics-of-the-Public-Sector%281%29.pdf

Team, W. (2023). Public Sector vs Private Sector. WallStreetMojo. Retrieved

from: https://www.wallstreetmojo.com/public-sector-vs-private-sector/

Team, N. (2023, January 20). What is Public Finance and its Components &
Functions? NAVI-pedia. Retrieved from: https://navi.com/blog/public-finance/
Group 1 Saturday, December 16, 2023

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plan/#:~:text=R.A.,as%20the%20Philippine%20Development%20Plan.

UNICEF. (n.d.) Public Finance for Children. Retrieved from:

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University of Central Arkansas | UCA. (2023). https://uca.edu/acre/tax-breaks-

and-
subsidies/#:~:text=Subsidies%20are%20much%20different%20than,the%20c
ost%20of%20doing%20business.
Group 1 Saturday, December 16, 2023

REFERENCES
Wall Street Mojo Team (n.d). Public Finance. Retrieved from:
https://www.wallstreetmojo.com/public-finance/

World Health Organization (WHO). (n.d.). Sustainable Development Goals -

Sustainable Development Goals. Retrieved from
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goals

Zoe Talent Solutions. (2023). What is Public Finance? [10 Reasons why is it
important?]. Zoe Talent Solutions. https://zoetalentsolutions.com/what-is-
public-
finance/#:~:text=Public%20finance%20is%20significant%20because,municipa
l%2C%20state%2C%20and%20federal.