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14 Cards in this Set
- Front
- Back
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unemployment
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when people who want a job cant find one. high unemployment reduces people's income
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economic growth
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an increase in a country's GDP. GDP is the value of total output in a country in one year
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inflation
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increases in average prices
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the balance of payment
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records the difference between a country's exports and imports. a balance of payments defecit exists if imports are greater than exports
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exports
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goods/services sold by a country to other countries
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imports
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goods/services bought by one country from other countries
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recession
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a period of very fast economic growth which can lead to high inflation
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economic boom
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a period of very fast economic growth which can lead to high inflation
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exchange rate
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the price of one currency in terms of another
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exchange rate depreciation
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a fall in the exchange rate of a currency
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direct taxes
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paid directly from incomes e.g. income tax
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indirect tax
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taxes on goods and services e.g. VAT
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import tariff
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a tax on imported goods to discourage their sale
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import quota
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a legal limit on the quantity of a product that may be imported
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