Key Terms 0.0 / 5 ? EconomicsMacroeconomic indicatorsASAQA Created by: davidsmith95--Created on: 28-03-15 12:26 AGGREGATE DEMAND TOTAL DEMAND IN THE ECONOMY MADE UP OF 'C + I + G + (X-M) 1 of 9 AGGREGATE SUPPLY THE TOTAL VALUE OF GOODS AND SERVICES SUPPLIED IN THE ECONOMY 2 of 9 ECONOMIC GROWTH THE CAPACITY OF THE ECONOMY TO PRODUCE MORE GOODS AND SERVICES OVER TIME 3 of 9 GROSS DOMESTIC PRODUCT (GDP) THE TOTAL VALUE OF GOODS AND SERVICES PRODUCED IN THE ECONOMY 4 of 9 NEGATIVE OUTPUT GAP WHERE THE ECONOMY IS PRODUCING LESS THAN ITS TREND OUTPUT 5 of 9 POSITIVE OUTPUT GAP WHEN ACTUAL GROWTH IS ABOVE TREND GROWTH. INCREASING INLFATIONARY PRESSURE 6 of 9 TRADE-OFF WHERE ONE MACROECONOMIC OBJECTIVE HAS TO BE CURTAILED IN FAVOUR OF ANOTHER OBJECTIVE 7 of 9 IMPORTS GOODS AND SERVICES PURCHASED FROM ABROAD 8 of 9 EXPORTS GOODS AND SERVICES SOLD ABROAD 9 of 9
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