macro economics

2. raw inflation figure including all items such as food and energy
4. an account that records trade in goods/services income and transfers
5. a gap occurs when aggregate demand exceeds full employment output
8. general increase in prices over time
11. combination of stagnant economic growth and high inflation
12. when aggregate demand equals aggregate supply
14. sustained decrease in the general price level of goods and services.
17. GDP measured at current market prices, without adjusting for inflation
20. type of inflation caused by rising production costs
21. government policies on spending and taxation to influence the economy
22. A record of all economic transactions with the rest of the world
25. Introduction of income into the economy
27. Inflation adjusted to remove volatile items like food and fuel
28. fair allocation of income across society
29. total output of goods and services in the economy
30. government spends more than it earns
32. a curve which shows the inverse relationship between unemployment and inflation
34. central bank policies affecting interest rates and money supply.
36. a good that is non-excludable and non-rivalrous

1. a phase of the economic cycle with declining growth
3. working fewer hours than desired or in jobs below skill level
6. sum of frictional and structural unemployment when the economy is at full capacity
7. a gap occurs when aggregate demand is less than full employment output
9. indicator that predicts future economic activity
10. a severe and prolonged economic downturn
12. a phase with increasing economic activity and growth
13. two consecutive quarters of negative economic growth
15. expenditure that occurs regardless of income levels.
16. unemployment during job transitions
18. The total amount of money available in the economy
19. portion of extra income that is spent
23. reduction in the rate of inflation
24. ratio of change in GDP to an initial change in spending
26. type of inflation caused by increased demand in the economy
31. measures changes in the price level of a basket of consumer goods and services.
33. unemployment caused by downturns in the business cycle
35. Total demand for goods and services in the economy