Economics notes 52-76

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macro economics
study of behaviour of an economy as a whole
1 of 25
micro economics
study of behaviour of parts of the economy
2 of 25
unemployment
The numbre of people of working age who are seeking work yet do not have a paid job
3 of 25
economic activity rate
Those either looking for work or in work as a proportion of the population off working age
4 of 25
economically inactive
Those of working age who have chosen not to do paid work or look for paid work
5 of 25
gross domestic product
The value of output produced by domestic based resources per year
6 of 25
economic growth
Rate of increase in national output per year
7 of 25
real growth
Growth of gdp after inflation has been accounted for(at constant prices)(key measure of national economic performance)
8 of 25
nominal growth
growth of gdp before inflation has been accounted for (at current prices)
9 of 25
sustainable development
development which meets the needs of present generations without reducing the ability of future generations to meet their needs
10 of 25
inflation
the rate of change in the average price level
11 of 25
retail price index
weighted average of the retail price level at a point in time(expressed as an index number)
12 of 25
consumer price index
an index number measuring a weighted average for the price of consumer goods and services at a point in time
13 of 25
underlying inflation
RPI excluding mortgage interest payments
14 of 25
balance of payments
a record of transactions between residents of one country and those living abroad in a year
15 of 25
balance of payments current account
the net inflow of money to a country arising from international trade in goods and services, investment income and transfers
16 of 25
investment income
earnings from the ownership of assets(interest, profit and dividends)
17 of 25
circular flow of income
model which explains what determines the equilibrium level of national income(spending and income flows between domestic households and firms)
18 of 25
injection
spending on domesticc output which comes from outside the simple circular flow of income i.e. investment, government and exports
19 of 25
withdrawal(W)
income which is not spenton domestic output(consumption) i.e savings, taxation and imports
20 of 25
multiplier effect
the knock-on effects of an initial change in injections or withdrawals which cause national income to change by more than the initial change
21 of 25
aggregate demand(AD)
the sum of all planned spending on domestic output at a given general price level per period
22 of 25
aggregate supply(AS)
the sum of all planned domestic production at a given general price level per period
23 of 25
consumption
spending by domestic housegolds on consumer goods and services
24 of 25
investment
spending by domestic firms on capital goods(investment spending yields returns in the future)
25 of 25

Other cards in this set

Card 2

Front

study of behaviour of parts of the economy

Back

micro economics

Card 3

Front

The numbre of people of working age who are seeking work yet do not have a paid job

Back

Preview of the back of card 3

Card 4

Front

Those either looking for work or in work as a proportion of the population off working age

Back

Preview of the back of card 4

Card 5

Front

Those of working age who have chosen not to do paid work or look for paid work

Back

Preview of the back of card 5
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