Economic Key terms from 1951-64 Flashcards

1
Q

What are Demand side economics

A

High product demand means more spending so more money for the economy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What are supply side economics

A

Belief that economic growth occurs with less business regulation and low taxes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is balance of payment/trade

A

Balance of all money coming in to the country vs out of the country

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is a deficit

A

A loss of something

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is a surplus?

A

A gain of something

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is a balance of payment deficit

A

The country is paying for more important than selling exports

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Overheating economy

A

An economy growing well but inflation also growing quickly

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is inflation

A

When currency value drops and goods prices increase

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is Deflation

A

When there’s a price drop of goods.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Stop-go

A

A term to describe economic management policies.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Stop phase of stop-go

A

Reduce economic growth

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Go phase of stop-go

A

Increase economic growth

How well did you know this?
1
Not at all
2
3
4
5
Perfectly