Glossary Terms:

National Budget Simulation

Glossary terms from:

Balanced Budget

A financial plan in which income is equal to expenses.


A spending-and-savings plan, based on estimated income and expenses for an individual or an organization, covering a specific time period.


The opportunity to borrow money or to receive goods or services in return for a promise to pay later.


Money owed to someone else. Also the state or condition of owing money. Can be individual, corporate or government debt.


Accommodation in houses, apartments, etc.


Money paid regularly, at a particular rate, for the use of borrowed money.


A federal health-care program that pays for certain medical and hospital costs for people aged 65 and older (and for some people who are under the age of 65 and disabled). Part of Social Security.


A decline in the rate of national economic activity, usually measured by a decline in real GDP for at least two consecutive quarters (i.e., six months).

Social Security

A federal system of old-age, survivors', disability and hospital care (Medicare) insurance which requires employers to withhold (or transfer) wages from employees' paychecks and deposit that money in designated accounts.


The situation that results when the quantity supplied of a product exceeds the quantity demanded. Generally happens because the price of the product is above the market equilibrium price.


Compulsory payments to governments by households and businesses.


The number of people without jobs who are actively seeking work.