Key Terms F582 - Chapter 6

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  • Created by: Natalie
  • Created on: 29-03-15 11:18
Fiscal Policy
the taxation and spending decisions of a government
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Monetary Policy
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
policies designed to increase aggregate supply by improving the efficiency of labour and product markets
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Reflationary
of policy measures designed to increase aggregate demand
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Deflationary
of policy measures designed to reduce aggregate demand
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Discretionary Fiscal Policy
deliberate changes in government spending and taxation designed to influence aggregate demand
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Automatic Stabilisers
forms of government spending and taxation that change automatically to offset fluctuations in economic activity
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Economic Cycle
the tendency for economic activity to fluctuate outside its trend growth rate, moving from a high level of economic activity (boom) to negative economic growth (recession)
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Progressive Tax
a tax that takes a higher percentage from the income of the rich
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Regressive Tax
a tax that takes a greater percentage from the income of the poor
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Recession
a fall in real GDP over a period of six months or more
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Human Capital
education, training and experience that a worker, or group of workers, possesses
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Tariff
a tax on imports
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Quota
a limit on imports
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Occupational Immobility of Labour
difficulty in moving from one type of a job to another
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Protectionism
the protection of domestic industries from foreign competition
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Voluntary Export Restraint (VER)
a limit placed on imports from a country with the agreement of that country's government
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Other cards in this set

Card 2

Front

Monetary Policy

Back

central bank and/or government decisions on the rate of interest, the money supply and the exchange rate

Card 3

Front

Supply-side Policies

Back

Preview of the front of card 3

Card 4

Front

Reflationary

Back

Preview of the front of card 4

Card 5

Front

Deflationary

Back

Preview of the front of card 5
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