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Economics
Role of the Government
Term | Definition |
---|---|
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. |