37 & 38 Flashcards
1
Q
Balance of payments equilibrium
A
Where credit are equal to debts
2
Q
Balanced government budget
A
Where government spending is equal to its revenue
3
Q
Income equality
A
When total income in an economy is shared equally
4
Q
Macro economic objectives
A
- Price Stability
- Unemployment
- Balance Of Payments
- Reduced Inequality
- Economic Growth
- Better Living Standards
5
Q
Trade off
A
When one macroeconomic objective is sacrificed for another
6
Q
What does the Short-Run Phillips Curve show ?
A
The trade off relationship between unemployment & inflation
