Macroeconomics Key terms

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A Levels Economics (Macroeconomics) Flashcards on Macroeconomics Key terms, created by lucyhacking on 26/11/2013.
lucyhacking
Flashcards by lucyhacking, updated more than 1 year ago
lucyhacking
Created by lucyhacking almost 11 years ago
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Question Answer
GDP The total output produced by the economy, measured in money terms
Income method Calculating everyone's income
Outcome method Value of everything produced
Expenditure method Money spent
Injection Money coming in, represent spending on final goods/services
Withdrawels Money leaking out, represent income earned by households
Real GDP GDP adjusted for price changes (inflation)
Imports Products of foreign origin brought into our country
Exports Products of local origin sold to other countries
Government spending Makes a significant portion of GNP, also known as public spending in Britain, the money the government spends for education etc
Saving Portion of disposable income not spent on consumption of consumer goods
Taxation Government finance their expenditure by imposing charges on citizens and corporate entities
Hidden economy The illegal business of buying or selling goods
Economic cycle General pattern goes expansion,peak,recession then recovery. All market economies repeatedly- measured by GNP
Boom When an economy rises a lot, When there is low rate unemployment, rapidly increasing consumer prices (inflation)
Recession A period of at least 6 months when an economy suffers a fall in output
Inflation An increase in the price of goods that is representative of an economy as a whole
Aggregate Supply The total output producers are willing and able to supply at different price levels in a given time period
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