Final answer:
The term 'public finance' is not a component of itself; it's the discipline encompassing several financial aspects of governance, including public debt, expenditure, and revenue.
Step-by-step explanation:
The component that is not a part of public finance is option b: public finance itself. Public finance, as a subject, includes components such as public debt, which is a country's total accumulated debt, public expenditure, which refers to annual government spending, and public revenue, the income a government secures, primarily through taxation and other means. The Internal Revenue Service is responsible for the collection of taxes, which are used to cover public expenditures. To clarify, public debt refers to the overall amount owed by the government for past borrowing, while a deficit is the annual shortfall between revenues and expenditures. In contrast, public finance is the overarching term that encompasses all of these components, including public debt, public expenditure, and public revenue.