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Economics > Macro Definitions > Flashcards

Macro Definitions Flashcards

1
Q

What does TIGERS stand for

A

Trade
Inflation
Growth
Employment
Redistribution of income
Stability

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2
Q

What are the additional objectives of micro economic policy

A

Budget
Well being
Economy
Public sectors
Competitive advantage
Energy

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3
Q

What does austerity stand for

A

Difficult economic conditions created by a government measures to reduce public expenditiure

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4
Q

What does GDP stand for

A

Gross Domestic Product

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5
Q

What is GDP

A

GDP is a measure or an attempt to measure all the activity of companies, government and individuals in a country

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6
Q

How is GDP calculated

A

It is calculated by the ONS which is calculated using all three measurements

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7
Q

What is Real GDP

A

Real GDP measures the volume of output. it is adjusted for inflation and measured at constant prices

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8
Q

What is the calculation for GDP

A

GDP = Total National Income + Sales Taxes + Depreciation + Net Foreign Factor Income

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Economics (6 decks)

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