IGCSE EDEXCEL ECONOMICS PAPER 2 MACROECONOMICS EXAM 100% SOLVED 2025

Economic growth - ANSWERSthe increase in the level of output by a nation and is one of the main macroeconomic objectives GDP - ANSWERSmarket value of all goods and services produced in a year Recession - ANSWERSa fall in GDP for two successive quarters Boom - ANSWERSA phase in the economi cycle with the highest levels of economic activity/with the highest levels of employment Imports - ANSWERSPurchase of goods or services from another country Exports - ANSWERSThe sale of goods or services to another country Inflation - ANSWERSA persistent increase in the average price level of goods and services within an economy Current account deficit - ANSWERSwhen the value of imports exceeds the value of exports Income inequality - ANSWERSdifferences in income that exist between the different groups of earners in the society, i.e. gap between the rich and poor