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Macroeconomics - HJP > Definitions > Flashcards

Flashcards in Definitions Deck (16):
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Macroeconomics

Study of behaviour of an economy as a whole

1

Unemployment (U/E)

The number of people of working age who are seeking work yet do not have a paid job

2

Population of working age

Males 16-65
Females 16-60

3

Workforce

All those working age either in paid jobs or seeking them

4

Economic activity rate

Proportion of those of working age who are in paid jobs or are seeking them

5

Economically inactive

Those of working age who have chosen not to do paid work or look for paid work

6

GDP

Value of output produced by domestic based resources per year

7

Economic growth

Rate of increase in national input/year

8

Real growth

Growth of GDP after inflation have been accounted for (ie at constant prices)

9

Nominal growth

Growth of GDP before inflation has been accounted for (ie at current prices)

10

Retail price index (RPI)

An index number measuring a weighed average for the price of consumer goods and services at a point in time

11

Consumer price index (CPI)

An index number measuring a weighted average for the price of consumer goods and services at a point in time

12

Inflation

The rate of change in the average price level

13

Underlying inflation (RPIX)

RPI excluding mortgage repayment costs

14

Balance of payments (BOP)

A record of the transactions between residents of one country and those living abroad over a year

15

Balance of payments current account

The net inflow of money to a country arising from international trade in goods and services, investment income and transfers