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Surplus and Deficit

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1. What is a surplus? What is a deficit? ( budget) What causes each? Which is most beneficial to an economy?
2. The value in understanding basic Economic concepts is:

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Solution Summary

Solution gives over 250 words to explain the concepts of surplus and deficits in budgeting as well as the basic economic concepts around it.

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1. What is a surplus? What is a deficit? ( budget) What causes each? Which is most beneficial to an economy?

SURPLUS: For any entity, SURPLUS is the difference between the market value of all its assets and the market value of its liabilities. Economic surplus is what one are willing to give up for ...

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