macro obj definitions

Question 1

macro-economic objectives

Answer 1

objectives outlining how gov aim to max level of national outcome, providing Econ growth to raise utility and living standards of the population

Question 2

macro-economic policies

Answer 2

tools utilised by gov and central bank to achieve macro economic objectives, namely monetary policy, fiscal policy and supply-side policies

Question 3

stable and sustianbkle econ growth

Answer 3

over last few months Econ growth stopped and been stable. last few months 0
caused by lots of uncertainty in world

Question 4

low and stable inflation

Answer 4

last 3 years inflation gone up to 12%
now around 2.6% but concerns
target = 2% will create uncertainty

Question 5

balance of payments equilibrium

Answer 5

uk balance of payments tend to be negative
sports - imports

Question 6

balanced budget deficits

Answer 6

gov taation and ependiture
last surplus = 25 years ago
uk has neg deficit

Question 7

income equality

Answer 7

gap between rich + poor has increased - massive gap - esp during covid years

Question 8

monetary policy

Answer 8

manipulation of the economy using monetary variables using interest rates and control of money supply