Simplify

question 204

Short Answer

Simplify:

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Definitions:

Deficits

Situations in which a government's expenditures exceed its revenues during a specific period, leading to borrowing or debt accumulation.

Federal Budget Deficit

The shortfall that occurs when the federal government's expenditures exceed its revenues within a fiscal year.

National Debt

The total amount of money that a country's government has borrowed, typically from domestic or international lenders.

Balanced Budget

A balanced budget occurs when a government's total expenditures are equal to its total revenues within a specified period, avoiding deficits and surpluses.