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Gross domestic product

Published on Nov 19, 2015

Section 4 vocab

PRESENTATION OUTLINE

Gross domestic product

measure of economic activity in a country
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business cycle

The long-run pattern of economic growth and negative growth
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peak

highest point in economy's growth

through

transition point between economic recession and recovery
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expansion

increase in the economic activity
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contraction

point where economy as a whole is in a decline

Monetary Policy

what a bank does to control the money supply
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fiscal policy

It comprises public spending and taxation
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Progressive Tax

tax that takes a lager proportion of a tax payers income
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regressive tax

tax that takes a smaller proportion of a tax payers income

proportional tax

tax that takes a larger percentage of higher income than from lower income
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Budget Deficit

plan for making and spending money
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national debt

net accumulation of federal budget deficits
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Macroeconomics

big picture of economy world wide.
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