austerity bad debt balance of payments balance of trade balance sheet bank rate bankrupt(a) bankrupt(v) bankrupt(n) black market boom brown goods budget capitalism capitalist cartel closed economy commodity consumer consumer confidence consumer durables consumer goods consumer price index consumption deflate demand deregulate developed disposable income diversify dollars-and-cents downturn economic economics economist economy embargo exchange exchange rate mechanism expenditure fiscal floor free enterprise free marketeer free trade GDP GNP goods gross domestic product gross national product hyperinflation import(n) import(v) importation importer inflate inflation inflationary International Monetary Fund labour-intensive labour market laissez-faire living standard macroeconomics market-driven market economy market forces market-led market value mixed economy monetarism monetary national debt nationalize neocolonialism outflow overheated peg political economy post-industrial price control price fixing price index price support private enterprise privatization privatize protect protectionism protective public ownership public service real recession reflation refund shakeout Single European Market slump socioeconomic squeeze(v) squeeze(n) stagflation standard of living staple stringent subsidy surplus trade deficit trade gap trade surplus trickle-down effect trough trust voodoo economics