The meaning of macroeconomic performance- Definitions Unit 2 0.0 / 5 ? EconomicsMarket failureASAQA Created by: hayleyCreated on: 28-03-13 15:48 Aggregate Demand Total demand in the economy AD=C+I+G+(X-M) 1 of 13 Aggregate Supply The total value of goods and services supplied in the economy 2 of 13 Economic Growth The capacity of the economy to produce more goods and services over time 3 of 13 Gross Domestic Product the total value of goods and services produced in the economy 4 of 13 Negative Output Gap Where the economy is producing less than its trend output 5 of 13 Positive Output Gap When actual GDP exceeds trend GDP increasing inflationary pressure 6 of 13 Trade-off Where one macroeconomic objective has to be curtailed in favour of another objective 7 of 13 Imports Goods or services purchased from abroad 8 of 13 Exports goods or services sold abroad 9 of 13 employment where labour is actively engaged in a productive activity usually in exchange for payments such as wages 10 of 13 unemployment those without a job but who are seeking work at current wage rates 11 of 13 exporting the sale of goods or services to a foreign country - generates income for the home country 12 of 13 importing the purchase of goods and services from abroad - leads to expenditure for the home country 13 of 13
Comments
No comments have yet been made