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10 Cards in this Set

  • Front
  • Back
Accelerator Effect
The relation between the change in new investment and the rate of change of national income
Actual Supply
The amount that producers in fact produce. This may differ from planned supply for a variety of reasons such as breakdowns in production, staff absences etc
Aggregate Demand
Total planned expenditure in the economy known by the identity C + I + G + (X - M)
Aggregate Supply
The total value of goods and services supplied in the economy
Allocative Efficiency
This is achieved in an economy when it is not possible to make everyone better off without making someone worse off or you cannot produce more of one good without making less of another
Balance Of Payments
Exports minus imports - a deficit means more is imported than exported
Balance of Trade
Visible exports minus visible imports
Balanced Budget
Where government recipt equal government spending in a financial year
Boom/Bust Policy
The government using macroeconomic tools to stimulate and then contract economy
Broad Money
Money that is held in banks and building societies but that is not immediately accessible