Deficit and Debt Flashcards by Edgar Woode | Brainscape

Q

Defict

A

When the government spends more money than it brings in from taxes in a given year and has to borrow money to cover the spending

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Debt

A

Accumulation of deficits

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Defaulting

A

Declaring that you won’t be able to pay back your loans

How well did you know this?

1

Not at all

2

3

4

5

Perfectly