macro: measuring macroeconomics performance Flashcards
economic growth
the amount of annual percentage increase in real GDP
price stability
means a lack of both inflation and deflation
unemployment
when a person is not in employment, education or training but is actively seeking employment
balance of payments on current account
the balance of payments looks at the relationship between the money coming and leaving a country (exports and imports)
real GDP
the GDP figures that have been adjusted to take into consideration the effects of inflation
claimant count
the number of people claiming job seekers allowance as they are actively seeking employment
labour force survey
those people who are employed and not eligible to claim job seekers allowance
unemployment rate
percentage of the working population who are actively seeking employment
employment rate
the percentage of the working population who are employed
inflation
the annual percentage increase in the general price level
deflation
the annual percentage decrease in the general price level
disinflation
when there is a fall in the rate of inflation
index numbers
a way of making economic data easier to handle and understand
base year
an index number expresses data as a percentage of another year
weighted basket of goods and services
includes over 600 goods and services. more significance is given to those items that make up a larger proportion of typical household expenditure
