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Economics Today - 16th ed. - Ch. 14 Key Terms
Ch. 14
8
Economics
Undergraduate 2
10/25/2012

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Term
government budget deficit
Definition
An excess of government spending over government revenues during a given period of time.
Term
balanced budget
Definition
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.
Term
government budget surplus
Definition
An excess of government revenues over government spending during a given period of time.
Term
public debt
Definition
The total value of all outstanding federal government securities.
Term
gross public debt
Definition
All federal government debt irrespective of who owns it.
Term
net public debt
Definition
Gross public debt minus all government interagency borrowing.
Term
entitlements
Definition
Guaranteed benefits under a government program such as Social Security, Medicare, or Medicaid.
Term
noncontrollable expenditures
Definition
Government spending that changes automatically without action by Congress.
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