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Government and The Economy

24 April, 2015 - 11:52

Learning Objectives

  • Understand the major components of U.S. government spending and sources of government revenues.
  • Define the terms budget surplus, budget deficit, balanced budget, and national debt, and discuss their trends over time in the United States.

We begin our analysis of fiscal policy with an examination of government purchases, transfer payments, and taxes in the U.S. economy.