OCR Macro economics glossary 1.0 / 5 based on 1 rating ? EconomicsMacroeconomic indicatorsASOCR Created by: phoebeCreated on: 11-05-13 16:44 Define Absolute Advantage when a country can make more of a given product using fewer resources than another nation. Unit cost of production is lower. 1 of 14 Define Active Demand Management Government use of fiscal or monetary policy to change levels of aggregate demand. 2 of 14 Define actual GDP The level of real GDP produced by a country in, say, one year. 3 of 14 Define actual economic growth an increase in real GDP from using more of an economy's existing resources. Shoer Run economic growth 4 of 14 Define Aggregate Demand total spending on domestic output at a give price level, over a period of time, usually a year 5 of 14 Define Aggregate Supply shows the total output domestic producers are willing and able to produce at a given price level, over a given period of time, usually one year 6 of 14 Define Anticipated inflation the expected rate of inflation for the near future 7 of 14 Define Appreciation an increase in the value of an asset or the exchange rate 8 of 14 Define Automatic Stabilisers changes in taxes and government spending beyond the control of the government and brought about by the economic cycle 9 of 14 Define Average propensity to consume the proportion of household income spent on product 10 of 14 Define Balance of Payments a record of economic transactions between residents of a country and the rest of the world, over a period of time, usually one year 11 of 14 Define Balanced budget Government revenue equals government spending 12 of 14 Define the bank A financial institution that accepts the deposits for savers and makes loans to borrowers 13 of 14 Define Base Rate the interest rate set by the bank of England. Commercial banks set their own interest rates for mortgages and loans around the base rate 14 of 14
OCR AS Economics - The National and International Economy Tick Sheet 5.0 / 5 based on 1 rating Teacher recommended
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