Retrieval Activity - Macroeconomic Indicators
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