Unit 23 - The Business Cycle Flashcards

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1
Q

the difference between the amount of money a country receives from exports, foreign trade, etc. and the amount it spends on imports, etc. from other countries:

A

balance of payments

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2
Q

a long period of expansion

A

boom

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3
Q

the amount of extra money that a government needs because it has spent more money than it earned / the amount of extra money available to a government because it has spent less money than it earned

A

budget deficit / surplus

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4
Q

the total amount that can be contained or produced, or (especially of a person or organization) the ability to do a particular thing

A

capacity

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5
Q

a period in which there is very little business activity and not many jobs

A

depression / slump

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6
Q

a decline in economic activity

A

downturn

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7
Q

used in economics to describe something that is inside a particular system, rather than outside that system

A

endogenous

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8
Q

a state of balance, for example when supply is the same as demand

A

equilibrium

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9
Q

coming from or produced outside

A

exogenous

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10
Q

the total amount of money that a government or person spends

A

expenditure

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11
Q

a government’s plan for deciding how much money to borrow and to collect in taxes, and how best to spend it.

A

fiscal policy

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12
Q

when everybody in a state has a job

A

full employment

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13
Q

the total market value of all goods and services produced in a country during a given period

A

Gross Domestic Product (GDP)

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14
Q

government or central bank actions concerning the rate of growth of the money in circulation

A

monetary policy

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15
Q

the total amount of money available in an economy at a particular time

A

money supply

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16
Q

an amount of something produced by a person, machine, factory, country, etc

A

output

17
Q

a downturn that lasts more than six months

A

recession

18
Q

money put aside to spend in the future

A

saving

19
Q

the money which is used for a particular purpose, especially by a government or organization

A

spending

20
Q

to make a legal agreement with someone to do work or to have work done for you

A

to contract

21
Q

to be greater than a number or amount, or to go past an allowed limit

A

to exceed

22
Q

to increase in size, number or importance, or to make something increase in this way

A

to expand

23
Q

an increase in economic activity

A

upturn