MACROECONOMIC INDICATORS

gracejeppo
Mind Map by , created over 6 years ago

A-Levels econ2 (Macroeconomic indicators) Mind Map on MACROECONOMIC INDICATORS, created by gracejeppo on 05/02/2013.

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gracejeppo
Created by gracejeppo over 6 years ago
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MACROECONOMIC INDICATORS
1 GDP
1.1 The monetary value of all the finished goods and services produced within a country's borders in a specific time period
1.2 GDP PER CAPITA: the GDP divided by the number of people in the country
2 MEASURES OF INFLATION
2.1 CPI
2.1.1 a weighted price index, which measures the monthly change in the prices of over 600 different goods and services
2.1.2 The weights are revised each year, using info from the Family Expenditure Survey.
2.1.3 The expenditure of the highest income households, and of pensioner households dependent on state pensions, is excluded.
2.1.4 does not include any housing costs, such as the effect of mortgage rates or council tax.
2.2 RPI
2.2.1 This official measure is calculated each month by taking a sample of goods and services, which the typical household might buy.
2.2.2 Included are such items as food, heating, housing, household goods, bus fares and petrol.
2.2.3 "headline" rate of inflation
3 UNEMPLOYMENT
3.1 CLAIMANT COUNT
3.1.1 counts only those people who are eligible to claim the Job Seeker's Allowance.
3.1.2 PROBLEMS WITH THE CLAIMANT COUNT
3.1.2.1 misses out many people who are interested in finding work and who might have searched for work in the recent period
3.1.2.1.1 but they don't meet all of the criteria for claiming and therefore are not included in the monthly unemployment count.
3.2 LABOUR FORCE SURVEY
3.2.1 covers those who have looked for work in the past month and are able to start work in the next two weeks
3.2.2 only includes those who are unemployed and claiming benefit.
3.2.3 On average, the labour force survey measure has exceeded the claimant count total by about 400,000 in recent years.
4 BALANCE OF PAYMENTS ON THE CURRENT ACCOUNT
4.1 comprises the balance of trade in goods and services plus net investment incomes from overseas assets and net transfers
4.2 Net investment income comes from interest payments, profits and dividends from external assets located outside the UK.
4.3 Transfers into and out of a country include foreign aid payments
4.3.1 For the UK the net transfers figure is negative each year, mainly due to the UK being a net contributor to the budget of the European Union.
4.3.1.1 As a rich nation, the UK makes sizeable foreign aid payments to many other countries.

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