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Key Economic Terms in
Nationalisation: The process
whereby the government takes
over privately run business.…read more

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Rationing: Limiting the amount of products that each
individual can obtain, so that goods and services are
distributed fairly.
· Austerity: Another word for "Shortage". 1945-51 was
known as the era of austerity.
· Bonfire of Controls: The lifting of limits that were
placed on what individuals could do.
· Inflation: A rise in prices
· Imports: Goods a nation buys
· Exports: Goods a nation sells.
· Balance of Payments: The gap between imports and
· Sterling: The pound
· Mixed economy: There are a mixture of government
(state)-owned enterprises and privately run
· Devaluation: When there is a fall in the value of the
pound, which is usually linked to a fall in exports.
Devaluation makes goods from other countries more
expensive.…read more

Slide 3

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Keynesian Economics: The idea that
government spending could fill a gap left
by the lack of private investment, in
order to keep people in work. Taxes
could be lowered to increase the amount
of money people had to spend, or loans
could be taken out which would be spent
on public service.…read more


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