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15 Cards in this Set

  • Front
  • Back

Accelerator effect

The relation between change in new investment and the rate of change oF national income

Aggregate demand

Total spending in an economy. Known by AD=C+I+G+(X-M)

Balance of payments

Exports minus imports of visible and invisible goods and services.

Balance of trade

Visible exports minus visible imports

balanced budget

where government receipts equal government spending in a financial year

broad money

money that is held in banks and building society but is not readily accessible

budget defecit

where government spending exceeds government receipts in a financial year

budget surplus

where government spending is less than government receipts in a financial year

capital spending

government spending to improve the productive capacity of the nation, including infrastructure, schools and hospitals

central bank

the financial institution in a country or group of countries typically responsible for issuing notes and coins and setting short-term interensts

economic growth

the capacity of the economyto produce more goods and services over time.

aggregate supply

the total value of goodsand services supplied in the economy.

GDP

the total value of goodsand services produced in the economy.

negative output gap

where the economy isproducing less than its trend output.

positive output gap

where the economy is producing more than its trend output