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Teaching activity

Retrieval Activity - Macroeconomic Indicators

Geoff Riley

20th September 2022

Here is a retrieval activity (Quizlet) that I use with my Year 12 economists as we consider measures of macroeconomic performance

  • Budget deficit - When government spending exceeds the value of tax revenues in a given period
  • Deflation - A decline in the general price level in an economy, signified by a negative inflation rate
  • Economic cycle - Short-run fluctuations of real GDP around a long-term trend
  • Exchange rate - The external value of one currency in terms of a second currency.
  • Exports - Goods or services sold to agents in other countries
  • Full employment - When everyone willing and able to work at the current wage rate is in work
  • GDP - The total value of goods and services produced..
  • Government (National) Debt - The total stock of unpaid debt issued by a government
  • Gross National Income (GNI) - GDP plus net income from abroad.
  • Human Development Index - Measure of development progress including income, education and health attainment
  • Imports - Purchases of foreign goods and services
  • Inflation - Annual % change in consumer prices
  • National happiness - Societal and personal well-being looking beyond what an economy produces
  • Net trade - Value of exports minus the value of imports
  • Nominal GDP - Monetary value of all goods and services produced expressed at current prices
  • Output gap - A measure of spare capacity, the difference between actual and potential GDP
  • Per capita incomes - Income per head of the population - a measure of average living standards
  • Productivity - Key measure of efficiency - GDP per worker employed or GDP per hour worked
  • Purchasing power - The buying power of a unit of currency. It is inversely related to the rate of inflation.
  • Real disposable income - Income after taxes and welfare benefits, adjusted for the effects of inflation
  • Savings ratio - Ratio of personal saving to disposable income.
  • Unemployment - % of the labour force out of work and actively seeking a job
  • Wealth - The value of a stock of assets such as housing, personal pensions and savings

Geoff Riley

Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.

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