key 5 marker knowledge mark words macro Flashcards
1
Q
economic growth
A
the rate of change of output
2
Q
actual growth
A
what’s happening right now
3
Q
trend growth
A
the average over time
4
Q
unemployment
A
those who are willing and able to work but cannot get a job
5
Q
inflation
A
a rise in the general price level
6
Q
balance of payments
A
the balance between imports and exports in an economy
7
Q
GDP
A
the value of everything produced in an economy in a period of time at a given price level
8
Q
claimant count
A
the number of people claiming benefits
9
Q
ILO
A
quarterly survey that asks every household about their labour status
10
Q
transfer payments
A
payments made to benefit recipients from the government
