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Macroeconomic Objective
The goal that the government aims to achieve through its economic policies.
Economic Growth
The increase in the value of output produced in the economy over a period of time.
Price Stability (Inflation)
The rate at which the average level of prices of goods and services increases over a year.
Minimising Unemployment
Reducing the number of individuals of working age who are seeking employment but are unable to find a job.
Stable Balance of Payments on Current Account
Ensuring that the inflow and outflow of currency in a country are balanced over a specific period.
Balanced Budget
When government spending equals government revenue.
Achieving Equitable Distribution of Income
Ensuring that the gap between the richest and poorest individuals does not become excessively wide.
Policy Conflict
When two policy objectives cannot be achieved simultaneously.
Macroeconomic Indicators
Data used to measure the performance of an economy, including real GDP, inflation rates, unemployment rates, and balance of payments.
Real GDP
The measure of all goods and services produced in an economy in a year, adjusted for inflation.
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