Macroeconomic Indicators AS AQA Economics
- Created by: Martina_
- Created on: 24-02-14 15:45
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- Balance of Payments Equilibrium
- Macroeconomic Indicators
- Low Unemploy -ment Levels
- The claimant account measure of unemployment simply counts the number claiming unemployment
- Unemployed are those of a working age who are actively seeking work but do not have a job
- Labour force survey method is based on a monthly survey of 6000 households and uses the International Labour Organisation definition of unemployment
- It covers those who have looked for work in the past 4 weeks and are available to start work in the next 2 weeks
- Strong and Sustainable Growth
- Main measure of national income is GDP
- GDP- value of output produced within domestic boundaries of the UK over a period of time
- Economic growth is measured as the change in national income over time
- Main measure of national income is GDP
- Low and Stable Inflation
- Main measures of inflation are Retail Price Index and Consumer Price Index which is the preferred method
- RPI measures avg change in prices of a representative sample of over 670 goods/services
- CPI is calculated using essentially same price data as RPI, but doesn't include council tax/ other housing costs; covers a broader section of population
- Inflation is a persistent increase in the general rise in prices over time
- Main measures of inflation are Retail Price Index and Consumer Price Index which is the preferred method
- Low Unemploy -ment Levels
- Measures flow of money between countries: Imports-outflow Exports-inflow
- Current account primarily measures net trade in goods and services
- Macroeconomic Indicators
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