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:
“A poem is like a person. Though it has a family tree, it is important not because of its ancestors but because of its individuality. The poem, like any human being, is something more than its most complete analysis. Like any human being, it gives a sense of unified individuality which no summary of its qualities can reproduce; and at the same time a sense of variety which is beyond satisfactory final analysis.”
—Donald Stauffer (b. 1930)
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“The bread-winner must toil as in the fruitless effort of a troubled dream while the expenditure of an uneducated wife discounts the income in the lack of understanding to discern the broad possibilities of an intelligent economy.”
—Anna Eugenia Morgan (1845–1909)