Enhance Your Learning with Economic Policy Flash Cards for quick revision
The use of government spending and taxation to influence the economy, particularly in relation to aggregate demand, employment, and inflation.
The process by which a central bank controls the supply of money, often through interest rates, to achieve macroeconomic goals such as price stability, full employment, and economic growth.
The regulations and agreements that govern international trade, including tariffs, quotas, subsidies, and trade agreements.
The way in which a nation's total income is divided among its population, often measured by indicators such as the Gini coefficient.
The levying of compulsory charges on individuals or entities by a government to finance public expenditures and influence economic behavior.
The use of public funds by the government for various purposes, such as infrastructure development, social welfare programs, and defense.
The imposition of rules and restrictions by the government on individuals, businesses, and industries to promote fairness, safety, and economic stability.
The study of interactions between countries, including diplomatic relations, trade agreements, and geopolitical dynamics, which can have significant economic implications.
An increase in the production and consumption of goods and services over a specific period, often measured by indicators such as GDP and GNP.
A sustained increase in the general price level of goods and services in an economy over time, resulting in a decrease in the purchasing power of money.
The state of being without a job, often measured by the unemployment rate, which reflects the percentage of the labor force that is actively seeking employment but unable to find it.
The state of being extremely poor, often characterized by a lack of access to basic necessities such as food, shelter, and healthcare.
The increasing interconnectedness and interdependence of countries through the exchange of goods, services, information, and ideas, facilitated by advancements in technology and communication.
Development that meets the needs of the present without compromising the ability of future generations to meet their own needs, often incorporating economic, social, and environmental considerations.
The total amount of money owed by a government through the issuance of bonds and other financial instruments to finance budget deficits and public expenditures.
Government initiatives aimed at providing assistance and support to individuals and families in need, such as unemployment benefits, healthcare subsidies, and social security.
The supply and demand for labor, including the availability of job opportunities, wages, and working conditions, which can be influenced by various economic factors and government policies.
Situation in which the allocation of goods and services by a free market is not efficient, often due to factors such as externalities, monopolies, and information asymmetry.
Statistics and data that provide insights into the overall health and performance of an economy, such as GDP, inflation rate, unemployment rate, and consumer confidence.
The structure and organization of an economy, including the allocation of resources, production methods, distribution of goods and services, and ownership of economic assets.
A set of principles and concepts that explain and predict economic behavior and outcomes, often based on assumptions and mathematical models.
Simplified representations of economic systems or phenomena, often using mathematical equations or diagrams, to analyze and understand complex economic relationships.
The process of making predictions about future economic conditions, often based on historical data, statistical models, and expert analysis.
The study of past economic events, trends, and systems, often used to gain insights into the causes and consequences of economic phenomena and inform policy decisions.
The unequal distribution of income, wealth, or opportunities among individuals or groups within an economy, often measured by indicators such as the Gini coefficient.
The optimal allocation of resources to maximize the production of goods and services, often measured by indicators such as productivity and cost-effectiveness.
The process by which a nation improves the economic, social, and political well-being of its people, often measured by indicators such as GDP per capita and human development index.
Changes and adjustments made to an economic system or policy to improve its efficiency, competitiveness, and sustainability, often driven by government initiatives.
The process of combining economic systems and policies of different countries or regions to promote trade, investment, and cooperation, often through agreements such as free trade zones and customs unions.
Tools and measures used by governments to influence and regulate economic activities, such as taxation, subsidies, interest rates, and exchange rate policies.
The examination and evaluation of economic data, trends, and policies to understand their impact and implications on various stakeholders and the overall economy.
The process of setting goals, formulating strategies, and implementing policies to achieve desired economic outcomes, often involving government intervention and coordination.
The process of enabling individuals and communities to participate in and benefit from economic activities, often through access to education, skills training, financial resources, and entrepreneurship opportunities.
Measures imposed by one country or group of countries on another to restrict or prohibit economic interactions, often used as a diplomatic tool or to enforce international norms and policies.
Government policies and measures aimed at boosting economic activity and promoting growth during periods of recession or economic downturn, often through increased public spending or tax cuts.
A period of economic contraction or decline, often characterized by reduced production, increased unemployment, and decreased consumer spending.
The ability of an economy to withstand and recover from shocks, disruptions, or crises, often through diversification, flexibility, and adaptive capacity.
The return to positive economic growth and improved conditions following a period of recession or economic downturn, often driven by factors such as increased consumer spending, business investment, and government stimulus.
The ability of an economy to maintain long-term growth and development while preserving natural resources, protecting the environment, and promoting social well-being.
The ability of a nation or region to produce goods and services that are valued in international markets, often influenced by factors such as productivity, innovation, infrastructure, and business environment.
Rewards or penalties that encourage individuals, businesses, or governments to engage in certain economic behaviors or activities, often used to promote desired outcomes or correct market failures.
The effect or influence of an economic event, policy, or trend on various stakeholders, industries, regions, or the overall economy, often measured by indicators such as GDP growth, employment rate, and investment levels.
Patterns or tendencies observed in economic data, indicators, or behaviors over time, often used to identify and analyze changes, opportunities, and risks in the economy.
A state of equilibrium or balance in an economy, characterized by steady growth, low inflation, low unemployment, and a stable financial system.
A severe disruption or breakdown in the functioning of an economy, often characterized by a sharp decline in economic activity, widespread unemployment, financial instability, and social unrest.