Economic Terms (Extension Learning)

The total value of goods and services produced in a country over a specific period.

• Boom
• Recession
• Monetary Policy
• Gross Domestic Product (GDP)

The rate at which the general price level of goods and services rises, reducing purchasing power.

• Gross Domestic Product (GDP)
• Inflation
• Budget Deficit
• Monetary Policy

The percentage of the workforce that is actively seeking work but unable to find a job.

• Recession
• Monetary Policy
• Unemployment Rate
• Economic Cycle

Government decisions on taxation and spending to influence the economy.

• Supply-Side Policies
• Trade Balance
• Fiscal Policy
• Budget Surplus

Actions by a central bank (e.g., Reserve Bank of NZ) to control interest rates.

• Gross Domestic Product (GDP)
• Recession
• Government Debt
• Monetary Policy

The cost of borrowing money or the return on savings, often influenced by central banks.

• Boom
• Interest Rate (OCR)
• Budget Deficit
• Fiscal Policy

The value of one currency compared to another, affecting imports, exports, and inflation.

• Unemployment Rate
• Exchange Rate
• Inflation
• Budget Deficit

The difference between a country’s exports (money in) and imports (money out).

• Recession
• Gross Domestic Product (GDP)
• Boom
• Trade Balance

A period of economic decline, often defined as two consecutive quarters of negative GDP growth.

• Government Debt
• Monetary Policy
• Recession
• Fiscal Policy

A period of rapid economic growth, often leading to high employment and rising incomes.

• Unemployment Rate
• Supply-Side Policies
• Boom
• Budget Surplus