Economic growth, Increase in the total output of goods and services, Inflation, Sustained rise in the general price level, Unemployment, People without jobs but actively seeking work, Current account, Record of exports and imports of goods and services, Deflation, Fall in the general price level, Disinflation, Prices are rising but at a slower rate, Labour force, All people working plus those looking for work, Boom, Period of rapid economic growth with high demand, Fiscal policy, Government use of spending and taxation to influence the economy, Monetary policy, Central bank control of interest rates and money supply, Supply-side policy, Policies aimed at increasing productive capacity, Budget deficit, When government spending is greater than revenue, Interest rate, Cost of borrowing money, Quantitative easing (QE), Central bank creates money to increase money supply, Direct tax, Tax on income and profits, Transfer payments, Payments made without receiving goods or services in return.

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