macroeconomics - Manipulation of economic policy that affects the whole of the nation, targeting changes to the economy such as unemployment, productivity, economic growth and inflation., balanced budget - Where government spending is equal to the revenue it has received., monetary policy - Involves setting the cash rates and interest rates to influence the behaviour of lenders and borrowers and ultimately control inflation., budgetary/fiscal policy - When the government sets taxes and uses the revenue it receives to spend in the circular flow to influence the economy in certain ways., Reserve Bank of Australia - Australia’s central bank tasked with ensuring economic prosperity through monetary policy where interest rates are manipulated to control inflation., cash rate - The rate of interest charged between banks for lending money., interest rate - The amount banks charge consumers for lending money. Interest rates are guided by the cash rate set through monetary policy., deficit budget - When government spending is greater than the revenue it has received., surplus budget - When government spending is less than the revenue it has received., expenditure - The total amount of money spent., revenue - The total amount of income received., economic circular flow - The movement of money from producers to households and back again in a continuous loop., injection - Introducing money into the economic circular flow model., leakage - Leaking money out of the economic circular flow model., equilibrium - When injections and leakages into the economic model are balanced and bring on a period of stability.,

The Language of Macroeconomics

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