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TermDefinition
Debt servicing the payment of interest on the national debt.
Mixed Economy System A system which is a mixture of free enterprise and centrally planned economy.
Surplus Budget Income is greater then expenditure
Current Expenditure day-to-day expenditure e.g. Social Welfare Payments
Opportunity Costs Is the item we do without when we have to make a choice between two or more actions.
Inflation Increase in the cost of living from one year to the next
Balance of trade Shows the difference between visible exports and visible imports
Balance of Payment The total of visible and invisible trade in and out of the country in one year.
Capital Income income the government receives on a once off-basis. e.g. EU grants
Limited resources Restricted amounts of inputs by a business such as motivated staff, finances, and raw materials
Created by: emahon5
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