lesson 1 - introduction

Question 1

what is macroeconomics?

Answer 1

the economy as a whole, including the governments involvement

Question 2

what is economic growth measured in?

Answer 2

GDP

Question 3

what is the UKs unemployment

Answer 3

4.2%

Question 4

what is balance of payments?
does the UK have a +/- balance of payments

Answer 4

exports - imports
- negative £21.2bn
imports>exports

Question 5

what are the 4 macroeconomic objectives?

Answer 5

-economic growth(positive and sustainable)
-unemployment (full)
-inflation (~2%,low+stable)
-balance of payments (equal or positive)

Question 6

what are interest rates?

Answer 6

reward for saving, cost of spending