Difference between revisions of "Budget deficit"
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According to [[Principles of Economics by Timothy Taylor (3rd edition)]], | According to [[Principles of Economics by Timothy Taylor (3rd edition)]], | ||
:[[Budget deficit]]. When the federal government spends more than it collects in taxes in a given year. | :[[Budget deficit]]. When the federal government spends more than it collects in taxes in a given year. | ||
| + | According to [[Macroeconomics by Mankiw (7th edition)]], | ||
| + | :[[Budget deficit]]. A shortfall of receipts from expenditure. | ||
[[Category: Economics]][[Category: Articles]] | [[Category: Economics]][[Category: Articles]] | ||
Latest revision as of 16:51, 1 July 2020
Budget deficit is when the federal government spends more than it collects in taxes in a given year.
Definition
According to Principles of Economics by Timothy Taylor (3rd edition),
- Budget deficit. When the federal government spends more than it collects in taxes in a given year.
According to Macroeconomics by Mankiw (7th edition),
- Budget deficit. A shortfall of receipts from expenditure.
