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In terms of economics, Public Finance is a subject that deals with the income and expenditure of a government. According to the words of Adam Smith "The investment into the nature and principles of state expenditure and state revenue is called Public Finance".
In the world of economics, the earlier economists tried their best to perfectly justified and given this definition of public finance, in those days the public authority simply raise the revenue by imposing taxes and cover the expenditure cost of defense and administration.
In the case of Private Finance, it can be classified into two different categories. Such as Personal Finance and Business Finance.
We all know a person means an individual. So the personal finance always deals with the process of optimization finances executed by individual personals. For example, people, families, or an individual consumer.
Personal Finance is the lowest individual level which involves financial plannings. It also includes saving accounts, investments, loans, credit cards, etc.
And lastly, Business Finance always involves the optimization process of finances by all kinds of business organizations. For achieving the goals set by the business organization, business finance involves asset acquisition and proper allocation of funds. Businesses can require finances on either of the three levels that are short, medium, or long term.
Thanks for reading my post. Hope that you learned something good that might help you in the future.💖
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