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13 Cards in this Set

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  • Back
aggregate demand
total demand in the economy made up of consumption, investment, goverment expenditure and net exports.
C + I + G + (X - M)
aggregate supply
the total value of goods and services supplied in the economy
economic growth
the capacity of the economy to produce more goods and services over time
gross domestic product
the total value of goods and services produced in the economy
negative output gap
whre the economy is producing less than its trend output
positive output gap
when actual GDP exceeds trend GDP increasing inflationalry pressure
trade-off
where one macro-economic objective has to be curtailed in favour of another objective
imports
goods or services purchased from abroad
exports
goods or services sold abroad
employment
where labour is actively engaged in a productive activity usually in exchange for payments such as wages
unemployment
those without a job but who are seeking work at current wage rates.
exporting
the sale of goods or services to a foriegn country - generates income for the home country
importing
the purchase of goods and services from abroad - leads to expenditure for the home country