Deficits and National Debt
Definition
Deficits occur when a government's spending exceeds its revenue within a specific period, usually a fiscal year. National debt refers to the accumulation of all past deficits minus any surpluses.
Related terms
Fiscal Policy: The use of government spending and taxation policies to influence economic conditions.
Budget Surplus: When government revenues exceed expenditures during a specific period.
Debt-to-GDP Ratio: A measure that compares a country's national debt to its gross domestic product (GDP) as an indicator of its economic health.
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Additional resources (1)
AP Macroeconomics - 2024 AP Macroeconomics Exam Guide
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Cram Mode
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AP® and SAT® are trademarks registered by the College Board, which is not affiliated with, and does not endorse this website.