Final answer:
The government budget surplus or balance is represented by (T – G). A budget deficit occurs when the government spends more money than it receives in taxes. A surplus occurs when the government receives more money in taxes than it spends.
Step-by-step explanation:
The government budget surplus or balance
The government budget surplus or balance is represented by (T – G). If the budget deficit amount for (T – G) is negative, it means there is a budget deficit.
If it is positive, it means there is a budget surplus. A deficit occurs when the government spends more money than it receives in taxes.
A surplus occurs when the government receives more money in taxes than it spends.