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Social surplus is the sum between consumer surplus and producer surplus. Basically, this is the economic benefit that consumers and producers get when they transact in the market. The synonym for this term is economic surplus or total surplus.
What's it: National debt is money owed by the government to its creditors. The government owes money to cover the budget deficit, where
What's it: Discretionary fiscal policy is a deliberate government policy to influence the economy by changing its spending and income. It is
What's it: An induced tax is a tax in which the rate increases and decreases depending on the taxpayer's ability. So, when our income or wealth
What's it: A balanced budget is when a government's spending equals its revenue. Therefore, there is no surplus or deficit. So, the government
What's it: A budget surplus is when the government plans to spend less than it earns. In other words, the government's budgeted revenue is
What's it: A tax is a mandatory levy by the government on an individual or other entity. There are many variations, including income tax, value
What's it: A government budget is a government's planned expenditures and revenues over a specific period, usually one year. Government revenue
What's it: The inflation rate is the percentage change in the economy's prices of goods and services over a certain period. While inflation tells
