23. The business cycle

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empezar lección

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término		definición
downturn empezar lección		a decline in economic activity
upturn empezar lección		an increase in economic activity
expectation oczekiwania, wymagania empezar lección		beliefs about what will happen in the future
consumption empezar lección		purchasing and using goods and services
gross domestic product empezar lección		the total value of goods and services produced by a country in a year
balance of payment empezar lección		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 empezar lección		the willingness and ability of consumers to purchase goods and services
supply empezar lección		the willingness and ability of businesses to offer goods and services for sale
save empezar lección		to keep money so that you can use it in the future
equilibrium empezar lección		a state of balance, for example when supply is the same as demand
deficit empezar lección		an amount of money that is smaller than is needed
surplus nadmiar empezar lección		an excess: a quantity that is larger than is needed
fiscal policy empezar lección		government actions concerning taxation and public expenditure działania rządu dotyczące podatków i wydatków publicznych
monetary policy empezar lección		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 empezar lección		the total amount of money available in an economy at a particular time
keynesianism empezar lección		the economic theory that government monetary and fiscal policy should stimulate business activity and increase employment in a recession
business cycle empezar lección		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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