Economics theme 2 (Macro)

Economic Growth

GDP

Nominal GDP

Inflation

Real GDP

Recession

Economic Slowdown

GDP Per Capita

GNI

Deflation

Disinflation

CPI

How is CPI calculated?

RPI

Basket of goods

Unemployment

Economically inactive

How is unemployment measured?

ILO

Claimant Count

Under-employed

Migration

The balance of payments

What is the balance of payments made up of?

Current account

Capital account

Current account of the balance of payments

What is the balance of trade made up of?

Surplus

Deficit

Exports

Imports

Investment income

Current transfers

Appreciation

Depreciation

Aggregate Demand

Investment (Aggregate demand)

Consumption (Aggregate demand)

Exports (Aggregate demand)

Imports (Aggregate demand)

Government spending (Aggregate demand)

What is consumption affected by?

Disposable income

Discretionary income

Consumer confidence

Positive wealth effect

Negative wealth effect

Negative equity