National and International economy AS OCR

What is Real GDP

The country's output measured in constant prices and so adjusted for inflation

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What is Economic Growth

In the short run an increase in real GDP, while in the long run, an increase in the productive capacity an economy produces

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Define GDP

the total value of output produced in an economy

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Define Balance of Payments

A record of money floe coming in and out of a country

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Define unemployment rate

The percentage of the labour force who are willing but unable to work

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Other cards in this set

What is Economic Growth

In the short run an increase in real GDP, while in the long run, an increase in the productive capacity an economy produces

Define GDP

Define Balance of Payments

Define unemployment rate

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