Measuring Macroeconomic Performance Flashcards
1
Q
Macroeconomics
A
The study of an economy as a whole
2
Q
Macroeconomic objectives
A
- Low and stable inflation
- Low unemployment
- Balance of payments
- Economic growth
3
Q
Economic growth
A
The increase in total GDP
- an increase in national output/expenditure/income
4
Q
Unemployment
A
People of working age who are willing and able to work cannot find a job
5
Q
Inflation
A
A sustained increase in general price levels in an economy