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?