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What are government's 4 main economic objectives ?
What's a positive balance of payments?
What's inflation?
Give 3 advantages of low inflation and 3 disadvantages of high inflation
What is real income?
What's a level of unemployment?
Give 2 effects of unemployment
How will low unemployment benefit a country and its people?
What's Gross Domestic Product (GDP)?
What's economic growth?
Give 3 problems caused by a decline in economic growth?
What are the 4 main stages of the trade or business cycle?
Give 3 characteristics of growth
Give 3 characteristics of boom
List 3 characteristics of recession
List 3 characteristics of slump
What's recession?
What's the difference between exports and imports?
State some problems caused by having a balance of payments deficit
What's an exchange rate depreciation?
