GED Social Studies › Credit and Debt
In economics, a deficit is best described as __________
when expenditures exceed revenue in a given period of time.
a situation in which supply greatly outstrips demand.
a situation where demand greatly outstrips supply.
the amount of money set aside to fulfill government policy aims in a given period of time.
the balance of trade between two nations.
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.