Surplus, Deficit, & Debt
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6 Terms
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How is surplus and deficit determined?
The relationship between government spending and taxation for one fiscal yr
2
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When is it a budget surplus?
G<T
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When is it a budget deficit?
G>T
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What is deficit?
Spending more than what is collected over a given fiscal year
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What is debt?
The total amount borrowed to finance deficit spending
6
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What is the crowding out effect?
Drives up interest rate and crowds private spending
Note 
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