Kinds of budget and measures of deficit
Part 2 — balanced, surplus and deficit budgets, and the three measures of deficit: revenue, fiscal and primary.
In this lesson you will
- Distinguish balanced, surplus and deficit budgets and say when each suits the economy
- Calculate revenue, fiscal and primary deficits from budget data
- Explain what each deficit shows about the government's finances
- Evaluate the effects of deficits and the ways to reduce them