Terms : Hide Images
| 738047077 | deficit | a shortfall of revenues under payments | |
| 738047078 | surplus | an excess of revenues over payments | |
| 738047079 | social security system | a social insurance program that provides financial benefits to the elderly and disabled and to their eligible dependents and/or survivors | |
| 738047080 | structural deficit | the part of a budget deficit that would exist even if the economy were at its potential level of income. | |
| 738047081 | passive deficit | the part of the deficit that exists because the economy is operating below its potential level of output. AKA the cyclical deficit | |
| 738047082 | nominal deficit | the deficit determined by looking at the difference between expenditures and receipts. | |
| 738047083 | real deficit | the nominal deficit adjusted for inflation | |
| 738047084 | debt | accumulated deficits minus accumulated surpluses. Whereas deficits and surpluses are flow measures (defined for a period of time) ------ is a stock measure (it is defined at a point in time) | |
| 738047085 | internal debt | government debt owed to other governmental agencies or to its own citizens | |
| 738047086 | external debt | gov debt owned to individuals in foreign countries... more like an individual's debt. | |
| 738047087 | ways growth in GDP can occur | through inflation (rise in nominal but not real GDP) or through real growth | |
| 738047088 | debt service | the interest rate on debt times the total debt |
