Macroeconomics Definitions

All the key terms for the OCR F582 National Economy exam defined.

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  • Created by: Marcus
  • Created on: 28-04-13 13:00

1. Spending on goods and services from abroad. A leakage from the circular flow of income

  • Imports
  • Exports
  • Trade
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2. A tax that takes a greater percentage of income from the poor e.g. raising VAT

  • Regressive Tax
  • Progressive Tax
  • National Insurance

3. People out of work in-between irregular period of employment e.g. actors, session musicians

  • Search Unemployment
  • Casual Unemployment
  • Structural Unemployment

4. Output of a good or service per worker over a given time period e.g. output per worker per hour

  • Labour Productivity
  • Employment
  • Output

5. Forms of government spending and taxation that change automatically to offset fluctuations in economic activity i.e. keep the economic cycle nearer the trend growth rate throughout

  • Injections
  • Automatic Stabilisers
  • Leakages
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Comments

davidsalter

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This is a set of 88 flash cards defining many of the key terms required up to A2 standard. Useful for testing yourself and colleagues. Should demonstrate further learning needs.

Nimrahkhan

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Good resource, some cards aren't needed in 2015 spec, and some (taxation and subsidies) are needed for unit 1 not unit 2 but still very helpful for last minute revision

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