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Economics

Role of the Government

TermDefinition
Fiscal Poilcy Adjusting either government revenue or taxes or both.
Exchange Rate Policy Devaluing or revaluing our currency in terms of other currencies.
Market Intervention This is where the government becomes a competitor or even the sole operator in an industry.
Economic Planning Involves consultation with the social partners to achieve realistic economic targets.
Monetary Policy Refers to controlling the money supply by means of the interest rate.
Full Employment Everyone available for work at the current wage is employed.
Inflation Increase in the general level of prices that occurs over time.
Budget Deficit Planned government income is less than planned government expenditure.
Budget Surplus Planned government income is greater than planned government expenditure.
Social Fairness The government tries to redistribute wealth from the rich to the poor.
Economic Growth Increasing the average income per head of population without any radical change in the structure of society.
Regional Development Ensures all regions of the country share in the economic development of the country.
Popular Economics sets

 

 



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