23. The business cycle

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Question		Answer
downturn start learning		a decline in economic activity
upturn start learning		an increase in economic activity
expectation oczekiwania, wymagania start learning		beliefs about what will happen in the future
consumption start learning		purchasing and using goods and services
gross domestic product start learning		the total value of goods and services produced by a country in a year
balance of payment start learning		is a statement of all transactions made between entities in one country and the rest of the world over a defined period, such as a quarter or a year.
demand start learning		the willingness and ability of consumers to purchase goods and services
supply start learning		the willingness and ability of businesses to offer goods and services for sale
save start learning		to keep money so that you can use it in the future
equilibrium start learning		a state of balance, for example when supply is the same as demand
deficit start learning		an amount of money that is smaller than is needed
surplus nadmiar start learning		an excess: a quantity that is larger than is needed
fiscal policy start learning		government actions concerning taxation and public expenditure działania rządu dotyczące podatków i wydatków publicznych
monetary policy start learning		government or central bank actions concerning the rate of growth of the money in circulation działania rządu lub banku centralnego dotyczące tempa wzrostu pieniądza w obiegu
money supply podaż pieniądza start learning		the total amount of money available in an economy at a particular time
keynesianism start learning		the economic theory that government monetary and fiscal policy should stimulate business activity and increase employment in a recession
business cycle start learning		a period during which a country's economy goes from growth to recession (= a time when business conditions are bad) and back to growth

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