Term Definition
Fiscal cliff A commonly used term referring  to a series of changes to U.S. government fiscal policy, that will automatically be enacted at the beginning of 2013. The policy changes include the expiry of tax breaks, tax increases and a range of spending cuts. There is concern about the impact these changes will have on the U.S. economy, should the changes be enacted.
Macroeconomic Refers to the performance and behaviour of an economy at the regional or national level. Macroeconomic factors such as economic output, unemployment, inflation and investment are key indicators of economic performance. Sometimes abbreviated to 'macro'.
Real return The return on an investment, adjusted for changes in prices in an economy.
Valuation The worth of an asset or company based on its current price.
Yield Return on an investment over a given period (typically 12 months), relative to the current price of the asset.