Retrieval Activity - Macroeconomic Indicators

Here is a retrieval activity (Quizlet) that I use with my Year 12 economists as we consider measures of macroeconomic performance

• Budget deficit - When government spending exceeds the value of tax revenues in a given period
• Deflation - A decline in the general price level in an economy, signified by a negative inflation rate
• Economic cycle - Short-run fluctuations of real GDP around a long-term trend
• Exchange rate - The external value of one currency in terms of a second currency.
• Exports - Goods or services sold to agents in other countries
• Full employment - When everyone willing and able to work at the current wage rate is in work
• GDP - The total value of goods and services produced..
• Government (National) Debt - The total stock of unpaid debt issued by a government
• Gross National Income (GNI) - GDP plus net income from abroad.
• Human Development Index - Measure of development progress including income, education and health attainment
• Imports - Purchases of foreign goods and services
• Inflation - Annual % change in consumer prices
• National happiness - Societal and personal well-being looking beyond what an economy produces
• Net trade - Value of exports minus the value of imports
• Nominal GDP - Monetary value of all goods and services produced expressed at current prices
• Output gap - A measure of spare capacity, the difference between actual and potential GDP
• Per capita incomes - Income per head of the population - a measure of average living standards
• Productivity - Key measure of efficiency - GDP per worker employed or GDP per hour worked
• Purchasing power - The buying power of a unit of currency. It is inversely related to the rate of inflation.
• Real disposable income - Income after taxes and welfare benefits, adjusted for the effects of inflation
• Savings ratio - Ratio of personal saving to disposable income.
• Unemployment - % of the labour force out of work and actively seeking a job
• Wealth - The value of a stock of assets such as housing, personal pensions and savings