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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.
Explain the limitations of managerial economics
FACTORS RESPONSIBLE FOR WAGE DIFFERENTIALS WITHIN THE SAME OCCUPATION i. Differences in the environment: For example a doctor sent to North Eastern Province must be pai
What is Managerial economics according to McGutgan and Moye McGutgan and Moyer: "Managerial economics is the application of economic theory and methodology to decision-making
What is Managerial economics according to Spencer and Siegelman Spencer and Siegelman: Managerial economics is "the integration of economic theory with business practice for t
Determine the Specific Place of demand The demand should relate to a specific market as well. For instance, every year in the town of Dehradun, demand for school bags is 4,000
Functions of the Budget The budget fulfils three main functions: To raise revenue to meet government expenditure The government of a country provides certain se
how does knowledge of economics help in maximizing profit in firm
Broader the range of other uses of a commodity, higher the price elasticity of its demand intended for the fall in price though less elastic for the increase in price. As price of
FUNCTIONS OF CENTRAL BANK Economists and financial experts lack in unanimity about the functions of a central bank. According to Kisch and Elkin, the essential function of a c
POPULATION SIZE AND DEMOGRAPHIC TRENDS a. Changes in Population The people of a country are its consumers. They provide the labour force for production. A study of
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