The Macro View – 14 – Flashcards
Unlock all answers in this set
Unlock answersquestion
Government budget deficit
answer
An excess of government spending over government revenues during a given period of time.
question
Balanced budget
answer
A situation in which the government's spending is exactly equal to the total taxes and other revenues it collects during a given period of time.
question
Government budget surplus
answer
An excess of government revenues over government spending during a given period of time.
question
Public debt
answer
The total value of all outstanding federal government securities.
question
Gross public debt
answer
All federal government debt irrespective of who owns it.
question
Net public debt
answer
Gross public debt minus all government interagency borrowing.
question
Entitlements
answer
Guaranteed benefits under a government program such as Social Security, Medicare, or Medicaid.
question
Non-controllable expenditures
answer
Government spending that changes automatically without action by Congress.
