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Economics

Junior Cert business studies

TermDefinition
Public Utilites Are goods or services provided by central and local government that are benefit to, or are used by, the general public.
Infastructure Of a country is made up of capital goods that do not directly produce goods and services but are necessary for production to take place
National Budget Is the governments estimate of its income and expenditure for the coming year
Current Expenditure Is spending by the government on a provision of goods and services that will be totally consumed in that year
Capital Expenditure Is spending by the government on acids that will benefit the country for some years into the future
Current Budget Is the governments estimate of its current income and current expenditure for the coming year
Capital Budget Is he governments estimate of its capital expenditure for the coming year and sources of money needed to finance it
A Balanced Current Budget Happens the planned current income equals the planned current expenditure
Surplus Current Budget Happens when the planned current income is greater then the planned current expenditure
Deficit Current Budget Happens when the planned current expenditure is greater then the planned current income
Exchequer Balance is the difference total government revenue and total government expenditure in any one year
National Debt Is the total amount of money owed by the central government at any given time
General Government Debt Is the national debt plus all the local government debt at any given time
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