Macro economic Key terms

To help learn key terms for the OCR Macro international and national economy exam

Revision notes if you are struggling http://getrevising.co.uk/resources/entire_macro_unit_2_f582_the_national_and_international_economy_revision_notes

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An increase in real GDP in the short term and an increase in productive capacity in the long term
Economic Growth
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Split into both nominal and real to measure economic growth
GDP
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Total output
Production
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The price charged to borrow money from the bank of england
Base interest rate
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% change in the general price level over time
Inflation
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Increase in the price level caused by increasing aggregate demand
Demand pull inflation
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Increase in the price level caused by increasing costs
Cost push inflation
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The Cost of changing prices due to inflation
Menu costs
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Peoples income being dragged into a higher tax band as a result of tax brackets not being adjusted with inflation
Fiscal drag
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The state of being jobless but actively seeking work and are willing and able to work within 2 weeks
Unemployment
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A measure of unemployment that uses claimants of JSA to calculate unemployment
Claimant count
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Unemployment that the claiment count doesn't show
Hidden
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Unemployment that arises from a lack of AD linked to the economic cycle
cyclical
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Occurs when workers are between jobs
Frictional
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Unemployment that arises when the real wages are set above the market clearing rate leading to a surplus of workers
Classical
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Unemployment caused by a miss match of skills
structural
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unemployment causing unemployment
Hysteresis
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A record of all financial transactions a country makes
Balance of payments
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Exports-imports
Net exports
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The price of one currency expressed in terms of another
exchange rate
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Total demand for goods and services in an economy at a given price set and time
Aggregate demand
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Combined supply curves for all goods and services
Aggregate supply
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Spending on capital
Investments
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Government money related policies
Monetary
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Policy to increase aggregate supply
Supply side
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Someone who believes that aggregate supply can only be increased by government intervention
interventionist
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Government spending policies
Fiscal policy
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A tax on imported products
Tariff
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Limiting international trade to encourage home market
Protectionism
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Banning imports of certain products or from certain countries
Embargo
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A limit on imports of certain products or from certain countries
Quota
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Other cards in this set

Card 2

Front

Split into both nominal and real to measure economic growth

Back

GDP

Card 3

Front

Total output

Back

Preview of the front of card 3

Card 4

Front

The price charged to borrow money from the bank of england

Back

Preview of the front of card 4

Card 5

Front

% change in the general price level over time

Back

Preview of the front of card 5
View more cards

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