Economics AQA AS Level: Macro Keywords. 100% proven pass rate

GDP - Ans-Total value of goods and services produced within a country within a year GDP per capita - Ans-Total value of goods and services produced within a country within a year divided by the population The Economic Cycle - Ans-Fluctuations in economic activity as measured by changes in real GDP Positive Output Gap - Ans-When actual GDP is above potential GDP Negative Output Gap - Ans-When actual GDP is below potential GDP Inflation - Ans-Sustained rise in average prices as measured by percentage changes in the CPI Macroeconomic Equilibrium - Ans-When the amount of goods and services produced equals the amount demanded at a given price level Aggregate Demand - Ans-Total expenditure on UK goods and services at different price levels in a time period (C+I+G+X-M) Aggregate Supply - Ans-Total quantity of goods and services in the UK willing to be supplied at different price levels in a time period Consumer Spending - Ans-Total expenditure by households on UK and imported goods and services in a time period