AS Economics Definitions

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  • Created by: Alexandra
  • Created on: 01-04-14 12:09
Circular Flow of Income
The macroeconomic cycle whereby output generates income, which in turn generates expenditure
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GDP
Total Uk output of goods and services, which is equivalent to total incomes earned in making UK output and total expenditure on buying UK output
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Nominal GDP
The value of GDP measured using the prices of goods and services in the year that the output is produced. Also known as Money GDP or GDP at Current Prices. Its approx £1400bn atm
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Real GDP
Measures the value of GDP over time excluding any effect of general price inflation. An increase in real GDP over time represents an increase in the volume/quantity of goods and services. Also known as constant prices
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NICE Decade
63 quarters of consecutive positive growth, non-inflationary continuous expansion
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Other cards in this set

Card 2

Front

GDP

Back

Total Uk output of goods and services, which is equivalent to total incomes earned in making UK output and total expenditure on buying UK output

Card 3

Front

Nominal GDP

Back

Preview of the front of card 3

Card 4

Front

Real GDP

Back

Preview of the front of card 4

Card 5

Front

NICE Decade

Back

Preview of the front of card 5

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