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7 Cards in this Set
- Front
- Back
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Government expenditure formula
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tax revenue + borrowing
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debt-service payments
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payments that represent the interest owed on a current stock of debt
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budget deficit
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any shortfall of current revenue below current expenditure
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government debt
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the outstanding stock of financial liabilities for the government,equal to the accumulation of past budget deficits
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budget deficit formula
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Change in stock of debt = (Goods + Interest rate x Stock of gov debt) - Tax revenue
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budget surplus
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any excess of current revenue over current expenditure
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primary budget deficit
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the difference between the governments overall budget deficit and its debt-service payments
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