Economic terms

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Stagflagnation
Where industry declines but inflation continues
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GDP (Gross Domestic Product)
Annual total value of goods/produce provided
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R&D
Research and development in the economic sphere
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'Stop-go' policy
Go: people have money to spend with reduced taxes and interest rates. Stop: Consumption increases too quickly so taxes and interest rates go up
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Overheating
Where there is too much money in the econoy due to high consumption
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Hire purchase
Modern Conviences for instance could be bought in installments; however if installments are not paid, the item can be reclaimed
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Other cards in this set

Card 2

Front

Annual total value of goods/produce provided

Back

GDP (Gross Domestic Product)

Card 3

Front

Research and development in the economic sphere

Back

Preview of the back of card 3

Card 4

Front

Go: people have money to spend with reduced taxes and interest rates. Stop: Consumption increases too quickly so taxes and interest rates go up

Back

Preview of the back of card 4

Card 5

Front

Where there is too much money in the econoy due to high consumption

Back

Preview of the back of card 5
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