Data in Economics

Question 1

What is an economy?

Answer 1

• “The state of a country or region in terms of production and consumption.”

Question 2

What are receipts?

Answer 2

• When money is received by government via tax revenue.

Question 3

If there is a deficit between spending and receipts, what does it mean?

Answer 3

-Less is taken in than given out.

Question 4

C+I+G + (X-M)

Answer 4

Consumption plus Investment plus Government spending plus (Exports minus Imports).