Macroeconomics Definitions

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

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

1. Exports minus imports of goods and services. A negative trade balance is a deficit, a positive trade balance is a surplus

  • Budget Balance
  • Balance of Trade
  • Balance of Payments
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Other questions in this quiz

2. A tax on imports expressed as a %. An example of a protectionist policy

  • Tariff
  • Quota
  • Subsidy

3. 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

  • Automatic Stabilisers
  • Leakages
  • Injections

4. The total output of goods and services produced in a country over a given time period, irrespective of ownership

  • Real GDP
  • Gross Domestic Product
  • Gross National Product

5. A direct tax on firms' profits

  • Corporation Tax
  • VAT
  • National Insurance

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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