Current Use: Final Consumption Expenditure
Government acquisition of goods and services for current use to directly satisfy individual or collective needs of the members of the community is called government final consumption expenditure (GFCE.) It is a purchase from the national accounts "use of income account" for goods and services directly satisfing of individual needs (individual consumption) or collective needs of members of the community (collective consumption). GFCE consists of the value of the goods and services produced by the government itself other than own-account capital formation and sales and of purchases by the government of goods and services produced by market producers that are supplied to households - without any transformation - as "social transfers" in kind.
Read more about this topic: Government Spending
Famous quotes containing the words final, consumption and/or expenditure:
“By his mere quiet power, on the minds of the now contestants, He could have either saved or destroyed the Union without a human contest. Yet the contest began. And having begun He could give the final victory to either side any day. Yet the contest proceeds.”
—Abraham Lincoln (1809–1865)
“The Landlord is a gentleman ... who does not earn his wealth. He has a host of agents and clerks that receive for him. He does not even take the trouble to spend his wealth. He has a host of people around him to do the actual spending. He never sees it until he comes to enjoy it. His sole function, his chief pride, is the stately consumption of wealth produced by others.”
—David Lloyd George (1863–1945)
“Shopping malls are liquid TVs for the end of the twentieth century. A whole micro-circuitry of desire, ideology and expenditure for processed bodies drifting through the cyber-space of ultracapitalism.”
—Arthur Kroker (b. 1945)