Balanced and unbalanced budget (I)
Economics SSS 2 Third Term
WEEK 3
Balanced and unbalanced budget (I)
Performance Objectives
Student should be able to:
- Explain the concept of budget deficit.
- Define budget surplus.
- Explain balanced budget.
Content
Definition of Budget
A budget refers to a financial statement of the total estimated revenue and the proposed expenditure of a government in a given period, usually a year.
Importance or uses of Budget
- Allocation of resources: Budget is usually used to allocate resources from one sector of the economy to another.
- Appraisal of government performance: Budget is used by the citizens and the international community to appraise the performance of the government.
- To foster economic.... View More
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