Edexcel A Macroeconomics AS Level
Aggregate demand - ANS- Total spending on goods and services in an economy
Aggregate supply - ANS- Total amount of output in an economy
Balance of payments - ANS- Record of a country's transactions with the rest of the world
Base year - ANS- A benchmark year which other years are compared to
Business cycle - ANS- Tendency of economic activity to fluctuate with the trend rate of
economic growth
Budget deficit - ANS- Government spending exceeds tax revenue
Claimant count - ANS- Number of people claiming unemployment benefits
Circular flow of income - ANS- Flow of money between economic agents
CPI - ANS- Measure of the average level of prices using a 'basket of goods' approach
Consumption - ANS- Total household spending on goods and services
Cost of living - ANS- A measure of how much has to be spent to maintain living standards
Current account - ANS- A record of a country's trade of goods, services, investment income
and international transfers
Demand-side policies - ANS- Policies used by the government to shift AD
Economic growth - ANS- An increase in the productive potential of an economy each financial
year, measured in GDP
Employment rate - ANS- Percentage of people in the workforce that is currently employed
Exchange rate - ANS- Price of one currency in terms of another
GDP - ANS- The value of all goods and services produced in an economy each financial year
GNP - ANS- Market value of all products produced within a country and by its citizens
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