Eco 372 Week 5 Discussion Answers

What is the difference between the national deficit and the national debt? What is the size of both as of 2010?

Provide the current figures for the U.S. federal government debt, personal debt (such as credit cards), and our trade deficit. Which of these will have the most negative economic impact on future generations? Please explain your answer.

The main difference between deficit and debt is the kind of concept each one is. Deficit is described as a shortfall of earnings under payments that is regarded as a flow concept; while, debt is described as accumulated deficits less accumulated surpluses that is regarded as a stock concept. Deficit (flow concept) has got a period of time linked to it. Therefore a deficit is decided during a period of time like a...