Measure of economic activity in a country

pattern of economic growth

Capcacity is fixed and demand varies

transition point between economic recession & recovery

The phase of the business cycle when the economy moves from a trough to a peak

A phase of the business cycle in which the economy as a whole is in decline

What a central bank does to control the money supply

One of the two instruments of macroeconomic policy

A tax that takes a smaller proportion of INCOME as the taxpayer’s income rises

A tax on income that increases in percentage as an individual’s income increases

When a government spends more than it collects in tax revenues

The total outstanding borrowing of a country's Government

The study of entire nations’ economies and the interactions between households, firms, government and foreigners.