GLOSSARY

actual output

See potential output.

aggregate price level

See price level.

balance of payments (Bop) accounts

Summary record of a country's cross-border transactions, typically over a given year. See also current account, financial account.

balance on goods and services

Exports of goods and services minus imports of goods and services, where “goods” refers to tangible products (merchandise) and “services” refers to intangible products (such as shipping, investment banking, or consulting services). See also trade balance.

bank run

A scenario in which a large proportion of a bank's depositors try to withdraw their funds at the same time, potentially “breaking” the bank (i.e., forcing it into default).

bubble (or speculative mania)

A steep ...

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