Definitions Macro-economics CH24-25 Flashcards
Reminder of definitions
1
Q
Trading bloc
A
A free trade area which also promotes the free movement of factors of production between member countries
2
Q
Economics Growth
A
Annual increase in the level of national output I.e annual percentage change in gdp
3
Q
Unemployment
A
When people are willing and able to work, and actively seeking employment, but are unable to find work.
4
Q
Inflation
A
A sustained rise in the general price level in an economy.
5
Q
Balance of Payment
A
A financial record of a country’s transactions with the rest of the world for a given time period, usually a year.
6
Q
Redistribution of Income
A
The macroeconomic aim of achieving greater equality in the distribution of Income in an economy.
7
Q
A
