In which area is the public sector most dominant in India?

 

Capitalism is an economic system in which private individuals or businesses own capital goods i.e, economy is characterized by private ownership of the means of production. The production of goods and services is based on supply and demand in the general market known as a market economy and not on central planning known as a planned economy.

Government imposes taxes to run the machinery of the state. Taxes serve as the main source of income for the government revenue.

Fiscal policy is connected with public revenue and expenditures. This policy is the use of government revenue collection to monitor the nation's economy.

The term market in economics refers to the place or arrangement where the buyers and sellers come to contact directly or indirectly for buying and selling goods. Market refers to not a specific or particular place it is the place for commodities..

In economics, the cost of something is what you give up to get it.

Economics deals primarily with the concept of Scarcity and choice. Scarcity is the limited availability of a commodity, which may be in demand in the market. Scarcity also includes an individual's lack of resources to buy commodities.

Economics is the study of how society manages its scarce resources i.e, Limited wants & unlimited resources.

Revenue should be recognized when it is realized or when it is earned. When a service is performed something is earned and revenue should be recognized.