the total value of goods and services produced within an economy in a given period of time
1 of 25
Real GDP
Nominal GDP with inflation taken out
2 of 25
Wealth
Total of all assets
3 of 25
Economic growth
the positive percentage change over a given period of usually a year
4 of 25
Real Disposable income
income when tax and inflation has been taken into account
5 of 25
Aggregate Demand(AD)
the total demand for goods and services in an economy that the consumers are willing and able to purchase
6 of 25
Aggregate supply (AS)
the total supply of goods and services in an economy that the producers are willing and able to produce
7 of 25
Fiscal Policy
The government use of taxation to influence macroeconomic variables
8 of 25
Monetary Policy
The use of interest rates, money supply and exchange rates to influence macroeconomics.
9 of 25
Consumption
Current spending on goods and services in an economy
10 of 25
Investment
The spending figures by firms to increase productive capacity
11 of 25
savings ratio
proportion of income that is saved
12 of 25
equilibrium level of income (output)
price at which demand and supply are equal
13 of 25
circular flow of income
a simplified representation showing how firms and households interact. It links the demand for goods, services , production demand for factors and income
14 of 25
the multipler
any chnage on aggregate demand has a proportionally larger effect on national output
15 of 25
macroeconomic objectives
sustainable economic growth, low and stable inflation, low unemployment, balance of payments equilbrum
16 of 25
Balance of payments
a record of value of exports of goods and services set against the value of imported goods and services rate at which one currency can be exchange for another
17 of 25
current account surplus
in the balance of payments when the value of goods and services exported from an economy is more that the value of the imports
18 of 25
current account deficit
in the balance of payments when the value of goods and services exported from an economy is less than the value of the imports
19 of 25
Retail Price Index (RPI)
an index of price changes that includes expenditure of owner occupied housing costs
20 of 25
RPIX
an index of price changes that does not includes expenditure of owner occupied housing costs
21 of 25
Cost-push inflation
an increase in price levels attributes to increase in costs of the production
22 of 25
Demand-pull inflation
rising price levels attribute to excess demand in the economy
23 of 25
Claimant Count unemployment
a measure of unemployment sing records of those formally recognized as receiving unemployment benefits.
24 of 25
Interest Rates
The costs of borrowing. the benefit of lending or depositing money usually expressed as a percentage
25 of 25
Other cards in this set
Card 2
Front
Nominal GDP with inflation taken out
Back
Real GDP
Card 3
Front
Total of all assets
Back
Card 4
Front
the positive percentage change over a given period of usually a year
Back
Card 5
Front
income when tax and inflation has been taken into account
Comments
No comments have yet been made