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A Level Economics Key Terminology - Macroeconomic
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Master AQA A-Level Economics: Clear definitions and explanations for essential macroeconomics concepts. Ideal for students aiming for exam success.
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MACROECONOMICS1. Macroeconomics: The branch of economics that focuses on the overall
performance and behavior of an economy, including factors such as growth,
inflation, and unemployment.
2. Gross Domestic Product (GDP): The total monetary value of all goods and
services produced within a country's borders within a specific time period,
usually measured annually or quarterly.
3. Aggregate Demand (AD): The total demand for goods and services in an
economy at a given price level and in a given period of time.
4. Aggregate Supply (AS): The total supply of goods and services produced by
an economy at a given price level and in a given period of time.
5. Inflation: The rate at which the general level of prices for goods and services
is rising, leading to a decrease in purchasing power over time.
6. Unemployment: The state of being without any work, yet actively seeking
employment.
7. Fiscal Policy: Government policy concerning taxation and spending aimed at
influencing the level of economic activity.
8. Monetary Policy: The control of the money supply and interest rates by a
central bank to influence the level of economic activity.
9. Exchange Rate: The value of one currency in terms of another, determining
the rate at which currencies can be exchanged.
10. Balance of Payments: A record of all economic transactions between the
residents of one country and the rest of the world over a given period of time.
11. Economic Growth: An increase in the production of goods and services in an
economy over time, usually measured by an increase in real GDP.
12. Business Cycle: Fluctuations in economic activity characterized by
expansions (growth) and contractions (recessions).
13. Aggregate Demand Curve: A graphical representation showing the
relationship between the overall price level and the quantity of goods and
services demanded by households, firms, and the government.
14. Phillips Curve: A curve illustrating the inverse relationship between
unemployment and inflation in an economy.
15. Crowding Out: A phenomenon where increased government spending leads
to a decrease in private sector spending due to higher interest rates or
reduced availability of funds.
16. Supply-Side Policies: Government policies aimed at increasing the
long-term aggregate supply of goods and services in an economy.
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