About This Chapter
Budgets & National Debt - Chapter Summary
Discover new information about or refresh your knowledge of budgets and national debt by exploring the entertaining lessons in this chapter. Our instructors closely examine and ensure you comprehend topics like budget surplus, external debt and the federal budget. Select as few or as many of the lessons as you need to get caught up, and feel free to visit as often as you'd like. If you need to clarify details covered in the lessons, be sure to submit questions to our experts. Self-assessment quizzes and our practice exam can find out how much you know about budgets and national debt. By the end of this chapter, you will be able to do:
- Detail the causes and history of a budget deficit
- Define a budget surplus
- Explain how the government spends federal dollars for entitlements, defense and more
- Differentiate between cyclical and structural deficits
- List and describe sources of opportunity cost for budget deficits
- Explain the link between interest rates and budgets
- Discuss the history and effects of national debt
- Describe Keynes' point of view on short-term GDP and national debt
- Identify sources and discuss sustainable levels of external debt
1. What is a Budget Deficit? - Definition, Causes & History
Budget deficits are an important policy issue facing the United States. In this lesson, you'll learn about what a budget deficit is, its causes and its history in the United History. You'll also have a chance to take a short quiz.
2. Budget Surplus: Definition & Overview
Budget surpluses provide opportunities for those individuals and organizations that have them. In this lesson, you'll learn what a budget surplus is and some related concepts. You'll also have a chance to take a quiz after the lesson.
3. Federal Budget: Entitlement, Defense & Discretionary Spending
$3.5 trillion is an enormous amount of money, but that's how much the federal government spends each and every year. This lesson sheds some light on just how the government does that.
4. Cyclical vs. Structural Deficits: Definitions & Examples
A deficit occurs when the government spends more than it takes in. Deficits can be divided into two main components, cyclical and structural. We will explore both and explain why one of them can be very difficult to reduce.
5. What is National Debt? - Definition, Effects & History
National debt is the total amount owed by a government to its creditors. National debt plays a crucial role in a country's financial system. Learn about this and test your knowledge with a quiz.
6. Short-Term GDP and National Debt: Keynes' Theory
Discover the tension fiscal authorities face between the two equally rewarding goals of reducing the national debt and maintaining a growing economy in the short term. This lesson explains the tension from the Keynesian point of view.
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Other chapters within the UExcel Introduction to Macroeconomics: Study Guide & Test Prep course
- Fundamental Concepts of Macroeconomics
- Government Failure in Macroeconomics
- Demand, Supply & the Economic Market
- Role of Government in Macroeconomics
- National Income Accounting Overview
- Unemployment & the Economy
- Basic Concepts of Inflation
- Measurements of Inflation
- The Business Cycle & Economics
- Aggregate Demand in Economics
- Fiscal Policy in Economics
- Understanding Monetary Policy
- Fundamentals of Money
- Understanding the Federal Reserve System
- Supply-Side Policy & Policy Comparisons
- UExcel Introduction to Macroeconomics Flashcards