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glossary of useful macro terms to be used in essays
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Economics glossaryMacroeconomics- The study of economics as an entirety level, for example this would include
government, financial services, and the effect on a whole country.
Economic growth- The measure of how well an economy is doing financially on average based on
groups and individuals.
GDP- Gross domestic product. How economic growth is measured based on the average total
output.
Unemployment- The amount of people (percentage figure) that does not work.
Claimant count- Due to being unemployed, the amount of people that claim financial benefits.
Inflation- The percentage in which the average cost of living increases by.
CPI- Consumer price index. The average of the price of daily goods.
Balance of payments- This is the transactions of everything in a country to do with goods, services,
and payments to other countries, considering exports too.
PPF- Production possibility frontier. Examines scarcity of resources based on the combination of
output.
Recession- A period (2 quarters) where the economy is declining in growth.
Deflation- This is the reverse of inflation and the cost of average living based of necessary goods
decreases.
Disinflation- Slowing down the rate of inflation so the cost-of-living decreases.
Trade deficit- A trade deficit is where there is a negative net balance in international transactions
between a country. Likely to be from import/exportation.
Trade surplus- The opposite of trade deficit and where a country’s exports exceed its imports.
Exchange rate- This is the rate at which all currencies are worth in countries across the world.
Trade off- A decision based on a situation where something may be compromised because it can’t
gain anything in return. For example, the government might borrow more money and pays off this
international debt by increasing taxes.
Balanced budget- This is when spending is equal to a total government tax receipt.
National debt- The total at which the government of a country has borrowed and therefore is due
debt.
Inequality- This can be regional inequality where there is an unequal distribution of wealth in areas
of a country, for example north/south UK divide. There could also be a major difference in
opportunities for a particular area.
Equilibrium- In economic situations such as supply and demand the two are at a balance.
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