Explain Why Economics Is Not Such a "Dismal Science

question 151

Essay

Explain why economics is not such a "dismal science."

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Definitions:

Future Generations

Individuals or populations that will exist in the future, beyond the current members of society, whose interests are considered in long-term policy making.

Budget Deficit

A shortfall of tax revenue from government spending

Balanced Budget

A financial statement or plan where total revenues are equal to or greater than total expenses, resulting in no deficit.

Inflation Reduction

A decrease in the rate at which the general level of prices for goods and services is rising.