Achieve for Economics (1-Term Online)
5th Edition
ISBN: 9781319372040
Author: KRUGMAN, Paul
Publisher: Macmillan Higher Education
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Chapter 32, Problem 3P
To determine
Concept Introduction:
Bank: It is a type of institution that facilitates transactions related to borrowing and lending. It receives money from different individuals as deposits and provides interest on it. It uses its deposit to lend to needful people. It helps in controlling money supply in the economy.
Budget Balance: The budget is considered to be balanced when revenue collected from tax and expenditures made by government are equal. When it is deficit it is represented by a negative value, when it is surplus it is represented by a positive value and in case of balanced budget it is zero.
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Achieve for Economics (1-Term Online)
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