Macro economics
The study of the performance and behaviour of an economy as a whole.
mixed economy
An economic system that allows both the government and the private sector to allocate resources, e.g. the UK has a mixed economy.
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CCEA A22 business
key terms with
complete verified
definitions
Macro economics - answer The study of the
performance and behaviour of an economy as
a whole.
mixed economy - answer An economic
system that allows both the government and
the private sector to allocate resources, e.g.
the UK has a mixed economy.
Business Cycle - answer A measure of the
regular fluctuations in the level of economic
activity. It is made up of the following
elements: peak, recession, trough and
recovery.
,Gross Domestic Product (GDP) - answer The
value of goods and services produced by an
economy over a specific time period.
Peak (Boom) - answer The stage when an
economy is at the peak of activity.
Recession - answer Income and output begin
to fall and business confidence is reduced.
Trough (Slump) - answer The lowest point in
the trade cycle - production is low, businesses
close and unemployment is high.
Recovery - answer At this stage income will
start to rise and business output will increase,
firms will invest more, consumers will start to
increase spending and businesses will start to
recruit new workers.
, Business Confidence - answer An economic
indicator that measures the amount of
optimism or pessimism that business
managers feel about the prospects of their
companies/organisations.
Government Policy Objectives - answer A
series of actions through which the authorities
attempt to create the best possible economic
environment for business and individuals. The
main targets are: steady economic growth,
controlled inflation, low unemployment, stable
exchange rates and a balanced balance of
payments.
Economic Growth - answer An indication of
the change in output or income within the
economy.
Sustainable Development - answer Growth
which continues year on year.
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