Explain the basic elements of public finance

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Assignment: Prior to beginning work on this discussion, read Chapter 9 from your text as well as the Bain (2014), Bryant (1998), and Freeman (2001) articles.

Most Americans are familiar with the concept of branding. We are all aware of logos, brand names, and symbols that identify specific brands of goods such as athletic shoes, soft drinks, video games, or magazines. Branding has become a multimillion dollar industry as an increasing number of organizations and public entities strive to align themselves strategically with a readily identifiable brand.

The concept of branding is also very important for law enforcement and correctional agencies. Agencies within criminal justice exist within a marketplace that is highly monopolistic. In the United States, there are no other agencies obligated to protect and serve the public other than local, state, or federal law enforcement organizations. There is no market for competition for the services provided by law enforcement.

However, within the field of corrections, the situation is somewhat different. Private prisons strive to offer better, more secure services and facilities at lower rates than public prisons. The correctional marketplace lacks the monopolistic nature found within the field of law enforcement.

Examine the concept of branding as it applies to law enforcement and correctional agencies. In your initial discussion post, you must address the following:

• Explain the basic elements of public finance and how the idea of branding can be an important aspect of budgeting for law enforcement and corrections agencies.

• Explain the basics of budget management and preparation in law enforcement and correctional organizations and how branding would fit into their finance scheme.

• Evaluate the financial constraints that arise in budgeting and finance within the fields of law enforcement and corrections and how branding might be an important facet of those.

Reference no: EM132526364

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