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Balanced Budget
A financial plan whereby revenues and expenditures are equal, resulting in no deficit for the given period.
Business Cycle
The fluctuations in economic activity that an economy experiences over a period of time, typically characterized by periods of boom and recession.
Balanced Budget Rule
A fiscal policy regulation requiring that a government's spending does not exceed its income in a given period.
Recession
A period of economic decline across an economy lasting several months, typically recognized by a decrease in GDP, income, employment, and trade.
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