Inflation is a sustained increase in the general or average level of prices

Import substitution policies are designed to encourage the domestic production of goods, rather than importing them. The strategies encourage protectionism.

Income elasticity of demand (YED) is a measure of the responsiveness of demand for a good to a change in income

Income equity refers to an income distribution which is fair.

An Indirect tax is an expenditure tax on a good or service. It is shown as an upward shift in the supply curve as costs of production rises when an indirect tax is imposed

Infant industries are new industries which do not benefit from economies of scale that need protection to compete with imports

Inferior goods are goods which demand increases as income rises. Inferior goods have positive income elasticity

Inflationary gap is a situation where the economy is (in equilibrium) at a level of output that is greater 
than the full employment level of output or above potential output

International Monetary Fund (IMF) functions of the IMF include ensuring the stability of the international monetary system, promoting international monetary cooperation 
and lending money to help members in balance of payments difficulties