Final answer:
The difference between actual and budgeted goals is known as a variance, which can be favorable or unfavorable. This difference reflects in public finance as variance between actual budget deficit or surplus and standardized measures, influenced by the economy's performance.
Step-by-step explanation:
The difference between the actual and the budgeted goals when the goal is not met is often referred to as a variance. In terms of budgeting, a variance can either be favorable or unfavorable depending on how the actual outcomes compare to the budgeted goals. If the actual result is worse than the budgeted goal, such as spending more than planned or earning less revenue, this leads to an unfavorable variance. Conversely, spending less or earning more than anticipated results in a favorable variance.
As per the information provided, when considered within the context of the whole economy, these variances take shape as differences between the actual budget deficit or surplus and the standardized employment budget deficit or surplus. The economic conditions, such as whether the economy is in a recession or performing extremely well, affect these figures by altering the levels of taxes collected and government spending necessary due to the automatic economic stabilizers.