macro definitions Flashcards
for test
aggregate demand
The total planned expenditure on real output within the economy in a given period of time.
balance of payments
: A record of all currency flows into and out of a country over a period of time.
claimant count
Number of people claiming unemployment benefits (JSA, Universal Credit).
consumption
Total planned spending by households on consumer goods and services produced within the economy.
deflation
A general, sustained fall of the average level of prices over a period of time.
economic growth
An increase in real national output over a period of time.
exports
Domestically produced goods or services sold to residents of other countries.
government spending
Spending by the public sector on goods and services such as education, healthcare and defense.
imports
Goods or services produced in other countries and sold to residents of this country.
inflation
A general, sustained rise of the average level of prices over a period of time.
injections
Money entering the circular flow of income.
investment
total planned spending by firms on capital goods produced within the economy
macroeconomics
macroeconomics involves the study of the whole economy at the aggregate level
paradox of shift
an economic theory that argues that too much of personal savings can be detrimental to overall economic growth
short-run aggregate supply
the level of real national output that producers are prepared to supply at different average price levels over a period of time when the level of land and capital is fixed and the amount of labor is variable.
recession
a period of two consecutive quarters of negative growth of real GDP.
unemployment
People without a job who are actively seeking employment.
withdrawals
Money leaving the circular flow of income.
