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A level Macroeconomics key terms Part 1
Made this quiz with my benefit in mind but you are welcome to try it
Sorry if some of the vocab is different to what you use
From Edexcel exam board
Will try to update as i get further through the course
Quiz by
CharlieRich16
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Last updated: October 13, 2022
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First submitted
February 10, 2021
Times taken
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Average score
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Hint
Answer
The price of a certain currency in terms of other currencies
Exchange Rate
Total value of exports - imports of goods and services within an economy at a certain price and time
Net Exports
The change in consumer spending following a change in income
Marginal propensity to consume
WPIDEC
Weaker Pound Imports Dearer Exports Cheaper
Assets lose qualities through daily use and technology becoming obsolete
Depreciation
Examples include sudden price changes in commodities, pandemics, war, natural disaster, etc..
External shocks
Concerned with the study of the whole economy and the effect of changes in the international economy on a country
Macroeconomics
Change in injections generates further change in aggregate demand
Multiplier Effect
Monetary value of all goods and services produced within an economy in a given time period (1 year)
GDP
Type of supply, at least one factor of production is fixed
Short run aggregate supply
Belief that sometimes government intervention is needed during periods of recession and inflation in order to avoid markets spiralling out of control
Keynesian theory
Total expenditure on goods and services within an economy at a certain price and time period
Aggregate Demand
Hint
Answer
Total expenditure by households on goods and services within an economy at a certain price and within a certain amount of time
Consumption
Belief that excessive inflation and recession is temporary
Classical theory
Change in consumption generates further change in investment
Accelerator Effect
Sustained rise in general price level
Inflation
How much (%) an economy grew over the period of 1 year
Economic Growth
The outlook that consumers have towards the economy and their own financial situation
Consumer Confidence
Change in income generates a further change in consumption
Income Effect
Type of supply, All factors of production are variable and can be adjusted accordingly
Long run aggregate supply
SPICED
Stronger Pound Imports Cheaper Exports Dearer
Total expenditure by the government on goods and services in an economy at a certain price and time
Government expenditure
Total expenditure on capital goods by firms within an economy at a certain price and within a certain amount of time
Investment
Comments (2)
xeiaat
+1
Level 58
Feb 10, 2021
wow! this quiz helped me so much in revising for business a level
xeiaat
+1
Level 58
Feb 10, 2021
could you also do one for gender studies b tech
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