Economics: Topic 6, Year 1 Definitions

The part of economics that is concerned with data, decisions, performance, policies and objectives that relate to the whole economy.

The rate of increase of the general price level and the corresponding fall in the value of money.

The value of all goods and services produced within an economy over a given period of time.

Occurs when, over time, an economy expands its capacity to produce goods and services.

A decline in the level of economic activity that occurs over a six-month period or longer.

GDP data adjusted to remove the effects of inflation.

Exists when people are seeking work but are unable to find it.

Records transactions between UK residents and the rest of the world.

Records transactions in goods and services between UK residents and the rest of the world.

Measures how a nation's total income is spread between that country's inhabitants.

Refers to people who are not in employment and who are not actively looking for work.

Measures the value of all goods and services that are produced in an economy over a given period of time, using their price at the time of production. Thus it does not exclude the effects of inflation on the value of output.

Measures the average income per person in a country after allowing for the effects of inflation.

A means of measuring changes in data over time by relating changes to a base year that is given the value of 100.

Shows the average change in a large number of variables and this average reflects the importance or weight of its various components.