Exam (elaborations)
AQA Economics- Year 1 (Macroeconomics) 2024 Exam Study Guide
- Module
- AQA A LEVEL Economics
- Institution
- AQA A LEVEL Economics
AQA Economics- Year 1 (Macroeconomics) 2024 Exam Study Guide
[Show more]
Content preview
AQA Economics- Year 1(Macroeconomics) 2024 Exam
Study Guide
Macroeconomics - Answer>> involves the study of the whole
economy at the aggregate level
Policy Objective - Answer>> a target or goal that policy-makers
aim to 'hit'
Short-Run Economic Growth - Answer>> growth of real output
resulting from using idle resources, including labour, thereby
taking up the slack in the economy
Long-Run Economic Growth - Answer>> an increase in the
economy's potential level of real output, and an outward shift of
the economy's production possibility frontier
GDP - Answer>> the sum of all goods and services, or level of
output, produced in the economy over a period of time
Real GDP - Answer>> a measure of all the goods and services
produced in an economy, adjusted for price changes or inflation
Nominal GDP - Answer>> GDP measured at the current market
prices, without removing the effects of inflation
Recession - Answer>> a fall in real GDP for 6 months or more
,Full Employment - Answer>> when demand and supply for
labour in an economy are in equilibrium (at the price of market
wages)
Claimant Count - Answer>> the method of measuring
unemployment according to those people who are claiming
unemployment related benefits (Jobseeker's allowance)
Labour Force Survey - Answer>> a quarterly sample survey of
households in the UK. Its purpose is to provide information on the
UK labour market.
Inflation - Answer>> a persistent or continuing rise in the
average price level
Deflation - Answer>> a persistent or continuing fall in the
average price level
Disinflation - Answer>> when the rate of inflation is falling, but
still positive
Price Index - Answer>> an index number showing the extent to
which a price, or a 'basket' of prices, has changed over a month,
quarter or year, in comparison with the price(s) in a base year
Consumer Prices Index (CPI) - Answer>> the official measure
used to calculate the rate of consumer price inflation in the UK.
The CPI calculates the average price change in a 'basket' of 700
goods and services
Retail Prices Index - Answer>> an older measure to calculate
the rare of consumer price inflation in the UK
, Indexation - Answer>> the automatic adjustment of items such
as pensions and welfare benefits to changes in price level,
through the use of a price index
Balance of Payments - Answer>> a record of all the currency
flows into and out of a country in a particular time period
Current Account of the Balance of Payments - Answer>>
measures all the currency flows into and out of a country in a
particular time period in payment for exports and imports, together
with income and transfer flows
Exports - Answer>> domestically produced goods or services
sold to residents of other countries
Imports - Answer>> goods or services produced in other
countries and sold to residents in this country
Balance of Trade - Answer>> the difference between the
money value of a country's imports and its exports. Balance of
trade is the largest component of a country's balance of payments
on current account
Balance of Trade Deficit - Answer>> the money value of a
country's imports exceeds the money value of its exports
Balance of Trade Surplus - Answer>> the money value of a
country's exports exceeds the money value of its imports
Balanced Budget - Answer>> when government spending
equals government revenue, which is mostly tax revenue
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller RevisionKing. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £5.79. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73314 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now