Economics SSS 2 Third Term

WEEK 3

Balanced and unbalanced budget (I)

Performance Objectives

Student should be able to:

1. Explain the concept of budget deficit.
2. Define budget surplus.
3. 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

1. Allocation of resources: Budget is usually used to allocate resources from one sector of the economy to another.
2. Appraisal of government performance: Budget is used by the citizens and the international community to appraise the performance of the government.
3. To foster economic.... View More