AP®︎ Macroeconomics: Topic 5.4 Flashcards

Master key terms and definitions for Topic 5.4 of AP Macroeconomics – Government Deficits and the National Debt to help you prep for quizzes and the AP exam.

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Term

Government Budget Surplus and Budget Deficit

Definition

The yearly difference between tax revenues and government spending, including transfer payments.

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Government Budget Surplus and Budget Deficit
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The yearly difference between tax revenues and government spending, including transfer payments.

POL-3.BPOL-3.B.1
National Debt
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The total accumulated federal debt created when yearly budget deficits require borrowing.

POL-3.BPOL-3.B.2
Burden of the National Debt
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Interest on accumulated debt uses funds that could otherwise support other government priorities.

POL-3.BPOL-3.B.3