Surplus, Deficit and Balanced Budget - Types of budget, Class 12, Macro Economics - Public Economics
Balance and Unbalanced Budget | Class 12 Macroeconomics Government Budget and the Economy
A balanced budget is a budget in which revenues are equal to expenditures. Thus, neither a budget deficit nor a budget surplus exists. More generally, it is a budget that has no budget deficit, but could possibly have a budget surplus. A cyclically balanced budget is a budget that is not necessarily balanced year-to-year, but is balanced over the economic cycle, running a surplus in boom years and running a deficit in lean years, with these offsetting over time.
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