A period of negative economic growth for two consecutive quarters or more.

A time of rapid economic expansion and growth.

A situation where inflation rates are extremely low.

A phase where unemployment rates are at an all-time high.

An increase in the real output of goods and services in an economy over time.

A decrease in unemployment rates in a country.

A rise in the inflation rate affecting purchasing power.

A reduction in government spending on public services.

A situation where wages decrease to match the labor supply.

A situation where wages do not fall despite a surplus of labour, often due to contracts, minimum wage laws, or social norms.

A scenario where wages are flexible and adjust according to market conditions.

A condition where wages are set by government regulations only.

A policy that involves lowering interest rates or increasing the money supply to stimulate economic activity.

A strategy to reduce government spending and increase taxes to control inflation.

A method of increasing interest rates to curb excessive spending.

A framework for balancing the national budget by cutting public services.

Unemployment that occurs at certain times of the year due to seasonal variations in demand for labour.

Unemployment that occurs due to economic downturns and recessions.

Unemployment that is caused by technological advancements and automation.

Unemployment that happens when individuals voluntarily leave their jobs.

The process by which a central bank controls the money supply, interest rates, or both, to influence economic activity.

A method used by governments to regulate trade and tariffs.

A strategy for managing public debt and fiscal deficits.

An approach to increase consumer spending through tax cuts.

A strategy where the central bank sets an explicit inflation rate as the goal of its monetary policy.

A method to control unemployment rates by adjusting interest rates.

A fiscal policy approach to increase government spending.

A technique to stabilize currency exchange rates.

A decrease in government spending or an increase in taxes aimed at reducing aggregate demand.

An increase in government spending to stimulate economic growth.

A policy aimed at increasing aggregate demand through tax cuts.

A strategy to reduce inflation by increasing the money supply.

A prolonged and severe recession with significant declines in income, output, and employment.

A temporary economic downturn with minor impacts on employment.

A period of economic growth characterized by rising incomes and employment.

A situation where inflation rates are extremely high, leading to economic instability.

Government policies aimed at increasing the productive potential of the economy and shifting long-run aggregate supply (LRAS) to the right.

Policies that focus on increasing demand in the economy to boost growth.

Regulations that limit the production capacity of firms to control inflation.

Tax cuts for consumers to increase spending and stimulate the economy.

Unemployment caused by seasonal work patterns.

Unemployment resulting from industrial reorganisation, typically due to technological change or changes in demand patterns.

Unemployment due to a lack of skills among workers.

Unemployment that occurs when the economy is in a recession.

Payments made by the government to individuals in exchange for goods and services.

Payments made by the government to individuals without any goods or services being received in return, e.g. pensions, unemployment benefits.

Payments made by individuals to the government for public services.

Payments made by the government to businesses to stimulate economic growth.

When government revenue exceeds government expenditure over a specific period.

When government expenditure exceeds government revenue over a specific period.

When government revenue equals government expenditure over a specific period.

When there is no government revenue or expenditure.

A policy that involves increasing interest rates or reducing the money supply to reduce inflation and slow economic growth.

A strategy to increase government spending to stimulate economic growth.

A method to decrease taxes to encourage consumer spending.

A framework for maintaining low interest rates to boost investment.

A system for collecting money from citizens and businesses to fund public services and influence economic activity.

A method for distributing wealth among citizens.

A process for regulating trade between countries.

A strategy for reducing government spending.

Features of the tax and transfer system that moderate the impact of economic fluctuations without the need for active policy intervention (e.g. progressive taxes, unemployment benefits).

Government policies that actively intervene in the economy to stabilize growth.

A type of monetary policy aimed at controlling inflation through interest rates.

Regulations that restrict the flow of capital in and out of the economy.

The difference between actual output and potential output in an economy.

The total output produced by an economy in a given period.

The difference between exports and imports in an economy.

The level of output that can be sustained without inflation.

GDP measured at current market prices, without adjusting for inflation.

GDP adjusted for inflation to reflect real purchasing power.

GDP calculated using the average prices of goods and services over a period.

GDP that includes only the value of final goods and services produced in a country.

Deliberate changes in government spending or taxation to influence aggregate demand.

Automatic adjustments in government spending based on economic conditions.

A fixed policy that does not change with economic fluctuations.

A policy that focuses solely on reducing government debt.