Why military spending should be increased?

Total: $106 billion According to some economists, increasing military spending by this amount could create an additional 1 million jobs. 16 Moreover, accelerating the recruitment effort would provide jobs for 36,000 men and women in the next year, providing employment at a time when it is sorely needed.

What is opportunity cost of military spending?

Today SIPRI estimated that global military expenditure in 2015 was $1676 billion, about 2.3\% of the world’s total Gross Domestic Product (GDP). Such high levels of spending frequently raise concerns as to the ‘opportunity cost’ involved in military spending—the potential civilian uses of such resources that are lost.

What is increased military spending?

This argument is based on the principle that greater defense expenditure indicates a lower level of private investment, savings, and consumption due to small aggregate demand. In other words, increased military spending contributes to a rise in the interest rate, which subsequently overwhelms private investment.

What is the reason for the law of increasing opportunity costs group of answer choices?

The law of increasing opportunity cost is the concept that as you continue to increase production of one good, the opportunity cost of producing that next unit increases. This comes about as you reallocate resources to produce one good that was better suited to produce the original good.

What is Defence budget?

The military budget or defence budget of India is the portion of the overall budget of Union budget of India that is allocated for the funding of the Indian Armed Forces.

Why is Defence important for a country?

National defence is the core element of the national security system. This means that a functioning and effective defence sector is vital to national safety and security. Defence is also a major part of overall public spending. Therefore, ensuring budgets are spent in an efficient and responsible manner is crucial.