Credit and Debt

GED Social Studies · Learn by Concept

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GED Social Studies › Credit and Debt

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1

In economics, a deficit is best described as __________

when expenditures exceed revenue in a given period of time.

CORRECT

a situation in which supply greatly outstrips demand.

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a situation where demand greatly outstrips supply.

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the amount of money set aside to fulfill government policy aims in a given period of time.

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the balance of trade between two nations.

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Explanation

In economics, a deficit occurs when the amount of money being spent (expenditures) exceeds the amount of money being collected (revenue) over a given period of time.

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