Revenue, Fiscal & Primary deficit | Government Budget class 12 Macro economics Part 4 | Economics

The discussion covers government budget types: surplus, deficit, and balance budgets. Surplus occurs when receipts exceed expenditures, while deficit arises when expenditures surpass receipts. The deficit is further categorized into revenue, fiscal, and primary deficits. The implications of high fiscal deficits include increased debt, inflation, and reliance on foreign loans.