What is 'Deficit'? (Answer in one sentence)
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Answer:
The term 'deficit' refers to a shortage or deficiency of something.
In economics, it is deemed to be a situation such that the liabilities or expenditures become greater than the assets or income during a particular period of time.
In other words, revenue is exceeded by expenditure.
A type of deficit can be the budget deficit in which the expenditure of any business or government exceeds the revenue received over a specific time period.
In the long run, this can affect the economy in a negative way by generating huge debts for the government.