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Macroeconomics Chapter 3
Chapter 3
14
Economics
Undergraduate 1
04/12/2013

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Term
Standard of Living
Definition
Degree to which people have access to goods and services that improve their lives.
Term
Economic Growth
Definition
Increases in the quality and quantity of goods and services an economy can produce.
Term
Output per Person
Definition
Total output divided by the population.
Term
Average Labour Productivity
Definition
Output per employed worker.
Term
Expansion
Definition
Periods of rapid growth.
Term
Recession
Definition
Periods of negative growth.
Term
Depression
Definition
A severe and long-lasting recession.
Term
Unemployment Rate
Definition
The fraction of the labour force looking for a job and can't find one.
Term
Inflation
Definition
Increase in the overall price level.
Term
Trade Deficit
Definition
When a country's imports exceed their exports.
Term
Trade Surplus
Definition
When a country's exports exceed their imports.
Term
Monetary Policy
Definition
Central Bank management of interest rates to achieve macroeconomic objectives.
Term
Fiscal Policy
Definition
Government budget, including the composition and execution of expenditures and revenues.
Term
Structural Policy
Definition
Policies aimed at changing the basic foundation of the nation's economy and institutions.
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