F582 (OCR National and International Economy) Definitions from textbook

All the definitions that appear in the National and International part of the AS OCR Economics textbook.

The different colours relate to which section of the textbook it came from.

HideShow resource information
  • Created by: Beth
  • Created on: 26-04-13 17:36

Pages in this set

Page 1

Preview of page 1
National and International Economy Definitions

Aggregate Demand - The total demand for a country's goods and services at a
given price level and in a given time period.

Aggregate Supply - The total amount that producers in an economy are willing
and able to supply at a given price level…

Page 2

Preview of page 2
Demand-pull Inflation - Increases in the price level caused by increases in
aggregate demand.

Discretionary Fiscal Policy - Deliberate changes in government spending and
taxation designed to influence aggregate demand.

Dissave - Spending more than disposable income.

Distribution of Income - How income is shared out between households in a…

Page 3

Preview of page 3
Gross Domestic Product (GDP) - The total output of goods and services
produced in a country.

Hysteresis - Unemployment causing unemployment.

Imports - Products bought from abroad.

Inflation - A sustained rise in the price level.

Inflation Rate - The percentage increase in the price level over a period of…

Page 4

Preview of page 4
Multiplier Effect - The process by which any change in a component of aggregate
demand results in a greater final change in real GDP.

Net Exports - The value of exports minus the value of imports.

Net Savers - People who save more than they borrow.

Nominal GDP - Output…

Page 5

Preview of page 5
Retail Prices Index (RPI) - A measure of inflation that is used for adjusting
pensions and other benefits to take account of changes in inflation and
frequently used in wage negotiations.

Retained Profits - Profit kept by firms to finance investment.

Saving ­ Real disposable income minus spending.

Savings Ratio…

Page 6

Preview of page 6
Wealth - A stock of assets, e.g. property, shares and money held in a savings

World Trade Organisation (WTO) - An international organisation that promotes
free international trade and rules on international trade disputes.


No comments have yet been made

Similar Economics resources:

See all Economics resources »