Chapter 18, Economic factors, GPD and the business cycle Flashcards Preview

Business - External Influences > Chapter 18, Economic factors, GPD and the business cycle > Flashcards

Flashcards in Chapter 18, Economic factors, GPD and the business cycle Deck (10)
Loading flashcards...
1
Q

Macroeconomics

A

the study and analysis of the behaviour of the economy

2
Q

The economy

A

the collective behaviour of a behaviour of a number of different groups such as businesses and people as employees and consumers and the government

3
Q

Economic activity

A

the level of output un all sectors of the economy - primary, secondary, tertiary

4
Q

Gross domestic product

A

GPD, the total value of all the economy’s output

5
Q

Circular flow of income

A

the flow of income from the business to households as payment for work, and from households to businesses as payment for products

6
Q

Imports

A

purchase of goods from abroad

7
Q

Leakages

A

Income that ‘leak away’ from the economy and so does not get passed back to UK firms from households; this comprises taxes savings and imports

8
Q

Injections

A

income coming into the UK that does not come from the UK households, investment, government spending and exports

9
Q

Exports

A

the sale of goods to other countries by the Uk

10
Q

Business cycle

A

rises and falls in economic activity; these follow a pattern that can be identified as boo, recession, slump and recovery