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Topic: Budgets 

Economics

 Standard 8.  Understands basic concepts of United States fiscal policy and monetary policy
  Level IV (Grade 9-12)
   Benchmark 2.Understands the concepts of balanced budget, budget deficit, and budget surplus
    Knowledge/skill statements
     1.Understands the concept of a balanced budget
     2.Understands the concept of a budget deficit
     3.Understands the concept of a budget surplus
     4.Knows the differences among balanced budget, budget deficit, and budget surplus
   Benchmark 3.Understands that when the government runs a budget deficit, it must borrow from individuals, corporations, or financial institutions to finance the excess of expenditures over tax revenues
    Knowledge/skill statements
     1.Understands what happens when the government runs a budget deficit
     2.Knows that when the government runs a budget deficit, it may borrow from individuals
     3.Knows that when the government runs a budget deficit, it may borrow from corporations
     4.Knows that when the government runs a budget deficit, it may borrow from financial institutions
     5.Understands how the government runs a budget deficit