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13 Cards in this Set
- Front
- Back
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fiscal policy
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the taxation and spending decisions of a government
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monetary policy
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central bank and/or government decisions on the rate of interest, the money supply and the exchange rate
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supply-side policies
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policies designed to increase aggregate supply by improving the efficiency of labour and product markets
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automatic stabilisers
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forms of government spending and taxation that change automatically to offset fluctuations in economic activity
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economics cycle
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the tendency for economic activity to fluctuate outside its trend growth rate, moving from a high level of economic activity to negative economic growth
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progressive tax
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a tax that takes a higher % from the income of the rich
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regressive tax
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a tax that takes a greater % from the income of the poor
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recession
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a fall in real GDP over a period of 6 months or more
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human capital
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education, training and experience that a worker or group of workers possesses
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tariff
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a tax on imports
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quota
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a limit on imports
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occupational immobility of labour
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difficulty in moving from one type of job to another
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protectionism
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the protection of domestic industries from foreign competition
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