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THE BUDGET
The budget is a summary statement indicating the estimated amount of revenue that the government requires and hopes to raise. It also indicates the various sources from which the revenue will be raised and the projects on which the government intends to spend the revenue in a particular financial year. The budget in Kenya is presented to parliament by the Minister of Finance around mid June. In the budget the Minister reviews government revenue and expenditure in the previous financial year. The minister presents tax proposals i.e. how he intends to raise the proposed revenue from taxation for parliament to approve.
Advantages a. They are less costly to administer because the producers and sellers themselves deposit them with the government. b. If levied on goods with inelastic deman
Market Structures This refers to the nature and degree of competition within a particular market. Capitalist economies are characterised by a large range of different market
Equilibrium and Disequilibrium in the Balance of Payments If on the current account , the value of exports is equal to the value of imports, the balance of payments is said t
Disadvantages of the Planned System The centrally planned economies suffer from the following limitations: Lack of choice: Consumers have little influence over what is p
ROLE OF SCARCITY IN MANAGEMENT DECISION MAKING
BALANCE OF PAYMENTS The Balance of Payments of a country is a record of all financial transactions between residents of that country and residents of foreign countries. (Resi
Prices of other related goods i) Substitutes: If X and Y are substitutes, then if the price X increases, the quantity demanded of X falls. This will lead to inc
assumptions and limitations
break event point
Theory of consumer behavior
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