Definitions 1
a list of income and likely expenditures
budget
to purchase goods and services for direct use or ownership
consume
money received on a regular basis from work, property, business, investment or welfare
income
the total value of all goods and services produced in a country in a given period of time (usually a year)
gross domestic product (GDP)
the branch of economics that emphasises the central role played by the level of expenditure or aggregate demand
macroeconomics
a measurement of the increase in a country’s gross domestic product (GDP)
economic growth
all activities undertaken for the purpose of production, distribution and consumption of goods and services in a region or country
economy
a tax on imports
tariffs
the removal of unnecessary direct government controls, restrictions and supervision in various areas of the economy
deregulation
the use of the federal government’s budget to achieve economic objectives
fiscal policy
the human skills and effort required to produce goods and services
labour
a general rise in prices across all sectors of the economy
inflation
the sum or total value of all spending or demand on final (finished) goods and services produced by a nation and measured over a period of time.
aggregate demand
a cash payment by the government designed to help producers compete by enabling them to sell their product at a lower price than would otherwise occur
subsidies
the branch of economics that studies the smaller fragments or units making up the whole economy
microeconomics
a payment to a local producer
subsidy
a macroeconomic or aggregate demand management strategy involving the government’s estimates of the expected value of its receipts and the expected value of its outlays
budgetary policy
a government levy or revenue measure that can be used as part of the budget to affect the level of prices, the growth rate and the distribution of income
taxation
the Reserve Bank using interest rates to achieve economic objectives
monetary policy
quantity limits or targets for production or imports
quotas