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
1 of 20

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




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.



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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