Deficit An Amount

Deficit An Amount

Deficit, an amount, usually expressed in money terms, by which one sum is smaller than another to which it is related; usually measured as an excess of liabilities over assets. For example, a balance of payments deficit is an excess of voluntary imports of goods, services and financial claims over similar exports; a budget deficit is an excess of Government expenditure over revenue, or total Government payments over receipts in a financial year.

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consumeraffairs.org.uk

Since then his writings have in turn been increasingly reinterpreted as a special case both by some followers and by some economists who had not wholly accepted his writings. The content of economics is in a state of change, and this consumeraffairs.org.uk site is therefore not a final statement of economic doctrine.

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