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Difference Between Public Finance and Private Finance

DIFFERENCE BETWEEN PUBLIC & PRIVATE FINANCE

DIFFERENT APPROACH OF ADJUSTMENT OF INCOME TO EXPENDITURE
An individual tries to adjust his expenditure according to his income. But, a government first fixed the size of its expenditure and then manages to raise the required revenues.
XI Economics Difference Between Public Finance and Private Finance
trading question with answer in economics

Income Elasticity Of Demand 


DIFFERENT PERIOD OF TIME
In the case of an individual, there is no particular period of time over which the income expenditure must be balanced. But at other hand, the government has to prepare annual budget to balance its accounts.

DIFFERENT OF NATURE OF RESOURCES
The resources of an individual are relatively limited while those of the government are wider. The government has power to impose taxes or even print currency notes to raise its financial resources. It can also manage internal as well as external loans from international monetary institutions like IMF, World Bank etc. but the individual has no such po0wer. He can only borrow from his internal resources that also to a limited extent.

DIFFERENCE OF SECRECY

Public finance is always an open affair. Government budget is widely discussed in the parliament and press. But private finance is always considered a secret affair.

DIFFERENT PATTERN OF EXPENDITURE

The pattern of the government expenditure is guided by the proposed economic policy of the government. Contrarily, the pattern on individual expenditure is influenced by customs, habits and social status etc.

DIFFERENT OBJECTIVE OF EXPENDITURE
An individual seeks to maximize his total satisfaction by allocating his income but the government seeks to get maximum social advantage. The chief objective of private economy is wealth getting and wealth using. But the chief objective of public economy is welfare.

DIFFERENT NATURE OF BUDGET
A surplus budget is considered a virtue in private finance. He must have a surplus budget because only then can save and invest. But for a state it is not needed.

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