macro set 5

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  • Created by: inayah
  • Created on: 11-05-14 11:41
Investment
spending on capital goods
1 of 12
labour force
the people who are employed and unemployed those who are economically active
2 of 12
labour productivity
output of a good or service per worker in a given time period
3 of 12
leakages
withdrawals of possible spending from the circular flow of income
4 of 12
LFS
a measure of unemployment based on a survey using the ILO definition of unemployment
5 of 12
long term unemployment
unemployed lasting for more than a year
6 of 12
macroeconomic equilibrium
a situation where AD = AS and real gdp is not changing
7 of 12
macroeconomics
the study of issues that affect economies as a whole
8 of 12
menu costs
the costs of changing prices due to inflation
9 of 12
monetary policy
central bank and/or government decisions on the rate of interest , the money supply and the exchange rate
10 of 12
MPC
a committee of the bank of England with responsibility of setting the interest rate in order to meet the governments inflation target
11 of 12
multiplier effects
the process by which any change in a component of AD results in a greater final change in real GDP
12 of 12

Other cards in this set

Card 2

Front

the people who are employed and unemployed those who are economically active

Back

labour force

Card 3

Front

output of a good or service per worker in a given time period

Back

Preview of the back of card 3

Card 4

Front

withdrawals of possible spending from the circular flow of income

Back

Preview of the back of card 4

Card 5

Front

a measure of unemployment based on a survey using the ILO definition of unemployment

Back

Preview of the back of card 5
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