Macro - Key Words Flashcards
1
Q
National debt
A
Total amount of money which a countries government has borrowed
2
Q
Budget deficit
A
When expenses exceed revenue and indicate the financial health of a country
3
Q
Wealth
A
An abundance of valuable possessions or money
4
Q
Income
A
Money received, especially on a regular basis for work or through investments
5
Q
Economic growth
A
An increase in the amount of goods and services produced per head of the population over a period of time
6
Q
Balance of payments
A
An accounting of a country’s international transactions for a particular time period
7
Q
Full employment
A
Condition where all who are willing and able to work are employed
8
Q
In the last 60 years the main economic objectives of British governments has been: (6)
A
- Encouraging price stability (low inflation)
- Ensuring the working population (full employment, minimise unemployment)
- Maintaining a favourable balance of payments on the current account (international trade)
- Promoting steady economic growth
- Redistributing income and wealth more equitably
- Reducing the government budget deficit and the national debt
