study of small economic systems that are part of the national or international system
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macroeconomics
study of large economics systems such as those of a whole country or area of the world
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economic growth
increase in the level of output by a nation
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national income
value of income, output or expenditure over a period of time
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gross domestic product (GDP)
market value of all final goods and services produced in a period, an internationally recognised measure of national income
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boom
peak of economic cycle where GDP is growing its fastest
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downturn
period in the economic cycle where GDP grows, but more slowly
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recession
period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP and two successful quarters
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depression or slump
bottom of the economic cycle where GDP starts to fall with significant increase in unemployment
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inflation
rate at which prices rise, a general and continuing rise in price
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deflation
period where the level of aggregate demand is falling
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Consumer Price Index
measure of the general price level (excluding housing costs)
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Retail Price Index
measure of the general price level, which includes house prices and council tax
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Demand-Pull Inflation
Inflation caused by too much demand in the economy relative to supply
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Cost-Push Inflation
inflation caused by rising business costs
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Menu Costs
costs to firms of having to make repeated price changes
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Shoe Leather Costs
costs to firms and consumers of searching or new suppliers when inflation is high
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Unemployment
When those actively seeking work are unable to find a job
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Cyclical or Demand Deficient Unemployment
unemployment caused by falling demand as a result of a downturn in the economic cycle
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Structural Unemployment
unemployment caused by changes in the structure of the economy such as the decline in an industry
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Seasonal Unemployment
unemployment caused when seasonal workers are laid off because the season has ended
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Voluntary Unemployment
unemployment resulting from people choosing not to work
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Frictional Unemployment
when workers are unemployed for a short period of time as they move from one job to another
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Other cards in this set
Card 2
Front
study of large economics systems such as those of a whole country or area of the world
Back
macroeconomics
Card 3
Front
increase in the level of output by a nation
Back
Card 4
Front
value of income, output or expenditure over a period of time
Back
Card 5
Front
market value of all final goods and services produced in a period, an internationally recognised measure of national income
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