Please Define the Following Key Terms

question 71

Short Answer

Please define the following key terms.
- Maji Maji

---

Definitions:

Tax Revenue

The income that is collected by the government through various forms of taxes, used to fund public services and obligations.

Government Spending

Expenditures by government bodies on goods and services that influence the economy's overall activity.

Recessionary Gap

A situation in macroeconomics when an economy operates below its full-employment equilibrium, leading to a gap in output.

Government Spending

The total amount of public expenditure by government entities on goods, services, and public projects.