Measuring Macroeconomic Performance Flashcards

1
Q

Macroeconomics

A

The study of an economy as a whole

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Macroeconomic objectives

A
  1. Low and stable inflation
  2. Low unemployment
  3. Balance of payments
  4. Economic growth
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Economic growth

A

The increase in total GDP
- an increase in national output/expenditure/income

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Unemployment

A

People of working age who are willing and able to work cannot find a job

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Inflation

A

A sustained increase in general price levels in an economy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly