A measure of the relative change occurring in a category of prices compared with a base period.
Once the good is produced no one can be excluded from using it.
Situations in which individuals not part of a transaction are affected by the transaction.
A situation in which as a result of producing a good or service, someone is negatively affected by the production process, but the producer does not pay the cost of that effect.
A theoretical description of the amount of enjoyment an individual receives from certain actions (consumption, saving, etc.)
THE PRINCIPAL OF DIMINISHING MARGINAL UTILITY STATES THAT THE MORE ONE HAD OF A PARTICULAR GOOD OR WEALTH, THE LESS ONE ENJOYS THE LAST OR NEXT INCREMENT. UNDER THIS PRINCIPAL THE OVERALL UTILITY OF THE COMMUNITY OR COUNTRY WOULD BE INCREASED IF THOSE WHO HAD THE MOST WEALTH WERE TAXED AND THE PROCEEDS WOULD GO TO THOSE WHO HAD LITTLE OR NOTHING BECAUSE THE UTILITY OF THE RECIPIENTS WOULD BE MUCH GREATER THAN THE LOSS OF UTILITY OF THE LOSERS.
AUDIT REVIEW TELLS MANAGERS, EXECUTIVES AND LEGISLATORS IF THE PROGRAM PURPOSES ARE BEING MET, AND IF THE SPENDING OR OBLIGATING IS WITHIN BUDGET LIMITS.
1. PREVENTIVE CONTROLS – block actions that would violate standards
(training, rotation of duties, separation of responsibilities, separate accounting from operations --> increases accountability)
2. FEED FORWARD CONTROLS – perform diagnostic or therapeutic actions in the spending process.
3. FEEDBACK CONTROLS – start corrections into the budget cycle for the future
Use by one person does not prevent concurrent full use by others.
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