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Long-run economic growth
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the sustained upward trend in the economy's output over time
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inflation
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a rising overall level of prices
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deflation
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a falling overall level of prices
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price stability
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when the overall level of prices changes slowly or not at all
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open economy
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an economy that trades goods and services with other countries
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trade deficit
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when the value of goods and services bought from foreigners is more than the value of goods and services it sells to them
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trade surplus
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when the value of goods and services bought from foreigners is less than the value of the goods and services it sells to them
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