Macroeconomics Unit Chapter 14  BUDGET DEFICIT: when expenditures exceed revenue Expenditure: an amount of money spent Revenue: income EOC study guide.

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Macroeconomics Unit Chapter 14

 BUDGET DEFICIT: when expenditures exceed revenue Expenditure: an amount of money spent Revenue: income EOC study guide Macroeconomics #14

BUDGET SURPLUS: when revenue exceeds expenditures

Fiscal yearDeficit Deficit as share of GDP 20091,412,688,000, percent 20101,294,373,000, percent 20111,299,593,000, percent 20121,086,963,000, percent ,502,000, percent Source: obama/obama-says-he-has-cut-national-deficit-half/

 Gross domestic product (GDP) is a measure of the income and expenditures of an economy  GDP is the total market value of all final goods and services produced within a country in a given period of time

Source:

 Congress and the President!!!  If the economy slows down, there is less tax revenue It takes time to adjust Federal spending  If war breaks out, spending increases

Sometimes There’s Unforeseen Costs

 Lobbyists can impact spending— spending in 2012 Source Open Secrets.org

 National Debt: the sum of all past deficits and surpluses Currently: Over $18,009,111,000,000! Currently  approx. $56,383 per citizen  or $153,726 per taxpayer EOC study guide Macroeconomics #15

Source: /.../budgetinfogra phic.pd..

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