macro economics

1. gap, when aggregate demand exceeds full employment output
4. sum of frictional and structural unemployment when the economy is at full capacity
5. Inflation adjusted to remove volatile items like food and fuel
7. central bank policies affecting interest rates and money supply.
10. a good that is non-excludable and non-rivalrous
11. – The total amount of money available in the economy
12. when aggregate demand equals aggregate supply
17. unemployment caused by downturns in the business cycle
20. raw inflation figure including all items such as food and energy
24. portion of extra income that is spent
25. a gap occurs when aggregate demand is less than full employment output
26. general increase in prices over time
27. indicator that predicts future economic activity
28. A record of all economic transactions with the rest of the world
29. reduction in the rate of inflation
30. unemployment during job transitions
33. type of inflation caused by increased demand in the economy
34. a phase with increasing economic activity and growth
36. a severe and prolonged economic downturn

2. Total demand for goods and services in the economy
3. expenditure that occurs regardless of income levels.
6. two consecutive quarters of negative economic growth
8. ratio of change in GDP to an initial change in spending
9. an account that records trade in goods/services income and transfers
13. working fewer hours than desired or in jobs below skill level
14. a phase of the economic cycle with declining growth
15. combination of stagnant economic growth and high inflation
16. Introduction of income into the economy
17. measures changes in the price level of a basket of consumer goods and services.
18. government policies on spending and taxation to influence the economy
19. fair allocation of income across society
21. government spends more than it earns
22. a curve which shows the inverse relationship between unemployment and inflation
23. sustained decrease in the general price level of goods and services.
31. supply total output of goods and services in the economy
32. GDP measured at current market prices, without adjusting for inflation
35. type of inflation caused by rising production costs