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BUDGET — Economics Keypoint

BUDGET

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BUDGET: Is the financial statement of proposed expenditure and expected revenue of the government during a particular period of time usually a year. It is prepared by the Ministry of Finance.

BALANCED BUDGET – Budget is said to be balanced when revenue generated is equal to proposed expenditure.

BUDGET DEFICIT – This occurs when government expenditure is greater than the expected revenue.

BUDGET SURPLUS – This occurs when government revenue is greater than proposed expenditure.

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