9 - Macroeconomic Performance Definitions Flashcards
Macroeconomics
The study of how an overall economy behaves.
Inflation
The general rise in prices over time.
Unemployment
People who are able to work, but don’t have a job.
Deflation
The general fall in prices over time.
GDP
A measure of all activities of companies, governments, and individuals.
GDP per capita
Total GDP of a country/population size.
Trade Balance
The difference between imports and exports.
Trade Surplus
A country exports more than it imports, meaning trade is profitable.
Trade Deficit
A country imports more than it exports, meaning trade is not profitable.
Budget Surplus
More revenue is brought in than goes out through government spending.
Budget Deficit
More is spent than brought in through taxation.
GNI
Gross National Income - The total amount of income earned by people and businesses in a year.
Interest Rates
The reward for saving, and the cost of borrowing.
Productivity
A measure of how much output is produced with given inputs.
