Government budget balanceThe government budget balance, also referred to as the general government balance, public budget balance, or public fiscal balance, is the difference between government revenues and spending. For a government that uses accrual accounting (rather than cash accounting) the budget balance is calculated using only spending on current operations, with expenditure on new capital assets excluded. A positive balance is called a government budget surplus, and a negative balance is a government budget deficit.
Fiscal policyIn economics and political science, fiscal policy is the use of government revenue collection (taxes or tax cuts) and expenditure to influence a country's economy. The use of government revenue expenditures to influence macroeconomic variables developed in reaction to the Great Depression of the 1930s, when the previous laissez-faire approach to economic management became unworkable.
Monetary policyMonetary policy is the policy adopted by the monetary authority of a nation to affect monetary and other financial conditions to accomplish broader objectives like high employment and price stability (normally interpreted as a low and stable rate of inflation). Further purposes of a monetary policy may be to contribute to economic stability or to maintain predictable exchange rates with other currencies.
Deficit spendingWithin the budgetary process, deficit spending is the amount by which spending exceeds revenue over a particular period of time, also called simply deficit, or budget deficit; the opposite of budget surplus. The term may be applied to the budget of a government, private company, or individual. Government deficit spending was first identified as a necessary economic tool by John Maynard Keynes in the wake of the Great Depression. It is a central point of controversy in economics, as discussed below.
Government spendingGovernment spending or expenditure includes all government consumption, investment, and transfer payments. In national income accounting, the acquisition by governments of goods and services for current use, to directly satisfy the individual or collective needs of the community, is classed as government final consumption expenditure. Government acquisition of goods and services intended to create future benefits, such as infrastructure investment or research spending, is classed as government investment (government gross capital formation).
Balanced budgetA balanced budget (particularly that of a government) is a budget in which revenues are equal to expenditures. Thus, neither a budget deficit nor a budget surplus exists (the accounts "balance"). 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.
Monetary economicsMonetary economics is the branch of economics that studies the different theories of money: it provides a framework for analyzing money and considers its functions (such as medium of exchange, store of value, and unit of account), and it considers how money can gain acceptance purely because of its convenience as a public good. The discipline has historically prefigured, and remains integrally linked to, macroeconomics. This branch also examines the effects of monetary systems, including regulation of money and associated financial institutions and international aspects.
Government budgetA government budget is a projection of the government's revenues and expenditure for a particular period of time often referred to as a financial or fiscal year, which may or may not correspond with the calendar year. Government revenues mostly include taxes (e.g. inheritance tax, income tax, corporation tax, import taxes) while expenditures consist of government spending (e.g. healthcare, education, defense, infrastructure, social benefits). A government budget is prepared by the government or other political entity.
Output gapThe GDP gap or the output gap is the difference between actual GDP or actual output and potential GDP, in an attempt to identify the current economic position over the business cycle. The measure of output gap is largely used in macroeconomic policy (in particular in the context of EU fiscal rules compliance). The GDP gap is a highly criticized notion, in particular due to the fact that the potential GDP is not an observable variable, it is instead often derived from past GDP data, which could lead to systemic downward biases.
WeekA week is a unit of time equal to seven days. It is the standard time period used for short cycles of days in most parts of the world. The days are often used to indicate common work days and rest days, as well as days of worship. Weeks are often mapped against yearly calendars, but are typically not the basis for them, as weeks are not based on astronomy. The modern seven-day week can be traced back to the Babylonians, who used it within their calendar.
Economic policyThe economy of governments covers the systems for setting levels of taxation, government budgets, the money supply and interest rates as well as the labour market, national ownership, and many other areas of government interventions into the economy. Most factors of economic policy can be divided into either fiscal policy, which deals with government actions regarding taxation and spending, or monetary policy, which deals with central banking actions regarding the money supply and interest rates.
CalendarA calendar is a system of organizing days. This is done by giving names to periods of time, typically days, weeks, months and years. A date is the designation of a single and specific day within such a system. A calendar is also a physical record (often paper) of such a system. A calendar can also mean a list of planned events, such as a court calendar or a partly or fully chronological list of documents, such as a calendar of wills. Periods in a calendar (such as years and months) are usually, though not necessarily, synchronized with the cycle of the sun or the moon.
Calendar reformCalendar reform or calendrical reform is any significant revision of a calendar system. The term sometimes is used instead for a proposal to switch to a different calendar design. The prime objective of a calendar is to unambiguously identify any day in past, present and future by a specific date in order to record or organize social, religious, commercial or administrative events. Recurring periods that contain multiple days, such as weeks, months, and years, are secondary, convenient features of a calendar.
Lunisolar calendarA lunisolar calendar is a calendar in many cultures, combining lunar calendars and solar calendars. The date of Lunisolar calendars therefore indicates both the Moon phase and the time of the solar year, that is the position of the Sun in the Earth's sky. If the sidereal year (such as in a sidereal solar calendar) is used instead of the solar year, then the calendar will predict the constellation near which the full moon may occur. As with all calendars which divide the year into months there is an additional requirement that the year have a whole number of months.
Solar calendarA solar calendar is a calendar whose dates indicate the season or almost equivalently the apparent position of the Sun relative to the stars. The Gregorian calendar, widely accepted as a standard in the world, is an example of a solar calendar. The main other types of calendar are lunar calendar and lunisolar calendar, whose months correspond to cycles of Moon phases. The months of the Gregorian calendar do not correspond to cycles of the Moon phase.
Gregorian calendarThe Gregorian calendar is the calendar used in most parts of the world. It went into effect in October 1582 following the papal bull Inter gravissimas issued by Pope Gregory XIII, which introduced it as a modification of, and replacement for, the Julian calendar. The principal change was to space leap years differently so as to make the average calendar year 365.2425 days long, more closely approximating the 365.2422-day 'tropical' or 'solar' year that is determined by the Earth's revolution around the Sun.
Chinese calendarThe traditional Chinese calendar is a lunisolar calendar which identifies years, months, and days according to astronomical phenomena. In China, it is defined by the Chinese national standard GB/T 33661–2017, "Calculation and Promulgation of the Chinese Calendar", issued by the Standardization Administration of China on May 12, 2017. Traditional Chinese calendar also known as these five titles: Nongli Calendar (traditional Chinese: 農曆; simplified Chinese: 农历; pinyin: nónglì; lit.
Julian calendarThe Julian calendar is a solar calendar of 365 days in every year with an additional leap day every fourth year (without exception). The Julian calendar is still used in parts of the Eastern Orthodox Church and in parts of Oriental Orthodoxy as well as by the Berbers, whereas the Gregorian calendar is used in most parts of the world. This calendar, proposed by Roman consul Julius Caesar in 46 BC, was a reform of the earlier Roman calendar, a largely lunisolar one. It took effect on 1 January 45 BC, by edict.
Determination of the day of the weekThe determination of the day of the week for any date may be performed with a variety of algorithms. In addition, perpetual calendars require no calculation by the user, and are essentially lookup tables. A typical application is to calculate the day of the week on which someone was born or a specific event occurred. In numerical calculation, the days of the week are represented as weekday numbers. If Monday is the first day of the week, the days may be coded 1 to 7, for Monday through Sunday, as is practiced in ISO 8601.
Babylonian calendarThe Babylonian calendar was a lunisolar calendar with years consisting of 12 lunar months, each beginning when a new crescent moon was first sighted low on the western horizon at sunset, plus an intercalary month inserted as needed by decree. The calendar is based on a Sumerian (Third Dynasty of Ur) predecessor preserved in the Umma calendar of Shulgi (c. 21st century BC). The year begins in spring, and is divided into 12 months. The word for "month" was arḫu (construct state araḫ).
