macroeconomics 0.0 / 5 ? EconomicsMacroeconomic indicatorsA2/A-levelAQA Created by: tkaysavCreated on: 08-11-19 13:00 economic activity Any action that involves producing, distributing, or consuming products or services 1 of 25 economic welfare how well an economy is doing in terms of things such as housing, education, quality of life 2 of 25 economic agent a decision maker that has an effect on an economy by buying, selling and producing 3 of 25 free market economy a system in which the prices for goods and services are self-regulated by the open market and by consumers 4 of 25 economic incentive are what motivates you to behave in a certain way e.g cash rewards, bonuses 5 of 25 aggregate means adding together all elements 6 of 25 policy objective a goal / desired outcome that a government ants to achieve 7 of 25 economic growth is an objective and due to ceteris baribus means improving living standards and greater economic welfare for citizens 8 of 25 negative growth sometimes an economy exhibits negative growth e.g producing less 9 of 25 GDP gross domestic profit which is used to measure growth 10 of 25 NOMINAL GDP includes output, expenditure and income measure 11 of 25 REAL GDP includes nominal and takes into account inflation and exchange rate 12 of 25 inflation a persistent or continuing rise in the average price level 13 of 25 negative output gap the level of actual real output in the economy is lower than the trend output level 14 of 25 actual growth statistical GDP growth overtime 15 of 25 trend growth rate is the rate at which output can grow, on a sustained basis, without putting upward or downward pressure on inflation 16 of 25 positive output gap level of actual real output in the economy is greater than the trend output level 17 of 25 balance of trade difference between the money value of a country's imports and exports 18 of 25 trade deficit money value of a country's imports exceeds the money value of its exports 19 of 25 trade surplus money value of a country's exports exceeds the money value of its imports 20 of 25 unemployment the number of members of the labour force who want to work and are able but can not find a job 21 of 25 balance of payments measures currency flows into and out of the economy in a particular time period 22 of 25 economic cycle where booms and busts occur. real rate of economic growth measured against the trend rate of economic growth 23 of 25 objective conflict when the government goes against an objective to focus on another one 24 of 25 CPI consumer price index, measurement of inflation 25 of 25
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