Macro Flash Cards

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Created by: iona graham
Created on: 28-04-14 00:24

Aggregate Demand

Total spending on goods and services ina n ecomomy.

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Aggregate Supply

Total amout of output in a ecomomy.

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Balance of Payments

A record of a country's transactions with the rest of the world.

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Base Year

A year chosen as the good comparison (100) in a service data, when buildingan INDEX

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Bottlenecks

A constraint on the supplyside of the economy which causes costs of aggregate supply to rise as the economy grows. E.g the effect of the Olympics in East London.Use of qualified builders for the Olympics creats shortage elswhere, making costs rise.

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Buisness Cycle

The tendency of economic activity to rise above and below the trend rate of economic growth.

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Budget

The annual statment by the Gouvernment of its intentions to tax and spen in the future. It usually comes in March, before the start of the new tax year. in recent years a pre budget report is delivered in December so the budget is more predictable.

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Budget surplus/fiscal surplus

The amount by which the tax revenue exceeds the gouvernment spending.

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Budget deficit/fiscxal deficit

The amount by which the gouvernment spending taxes exceedstex revenue.

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Claimant

A measure of those claiming the Job seekers allowance

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Other cards in this set

Card 2

Front

Aggregate Supply

Back

Total amout of output in a ecomomy.

Card 3

Front

Balance of Payments

Back

Card 4

Front

Base Year

Back

Card 5

Front

Bottlenecks

Back

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Macro Flash Cards