Macroeconomic indicators

Question 1

What can we measure to see the economic performance of countries

Answer 1

Jobs, prices, trade, growth, development, efficiency, public services, environment, inequality

Question 2

GDP

Answer 2

Gross domestic product is the value of all goods and services produced within economy within a given time period usually a year

Question 3

Real GDP

Answer 3

Real GDP takes into account the impact of inflation, we say that GDP is measured in constant prices and that it is a volume measurement

Question 4

Nominal GDP

Answer 4

The monetary value of the national output of goods and services measured at current prices and we say that this is a value measurement

Question 5

CPI

Answer 5

The consumer price index measures changes in average prices in an economy, by taking a basket of 600 goods and services and weighing the items according to their importance (using family expenditure survey), to produce a weighted average and this allows us to measure inflation.

Question 6

Claimant count

Answer 6

This measure of unemployment works by counting the number of people in receipt of unemployment benefit eg. job seekers allowance

Question 7

LfS

Answer 7

The labour force Survey is carried out quarterly and regards someone as unemployed if they are out of work but Willing and Able to work and actively seeking work

Question 8

Balance of payments on current account

Answer 8

The balance of payments is a measure of all an economies international transactions. The current account is one of three accounts on the balance of payments. The current account includes the trade balance (exports minus imports), net primary income (earned from factors of production overseas) and net secondary income (mostly international payments by governments)