Economic Activity - AOS 1 UNIT 2

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25 Terms

1

Economic Growth

Economic growth refers to the increase in the production and consumption of goods and services in an economy over a period of time.

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2

Economic Development

A Term referring to improvements in the economic well-being of a nation, including material and non-material factors such as growth in incomes and wealth

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3

Real GDP

GDP divided by rate of inflation

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4

Real GDP Per Capita

GDP divided by the size of the population

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5

Consumption Expenditure

Part of AD and defined as the total value of all expenditures

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6

Private Investment Expenditure

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7

Government Expenditure

Expenditure by all areas of government and commonly broken up into G1 and G2

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8

Net Exports

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9

Recession

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10

Disinflation

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11

Deflation

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12

Material Living Standards

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13

Non Material Living Standards

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14

Leading Indicator

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15

Lagging Indicator

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16

Coincident indicator

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17

Productivity

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18

Consumer Confidence

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19

Business Confidence

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20

Terms of Trade

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21

Aggregate Demand

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22

Aggregate Supply

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23

Income Inequality

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24

Disposable Income

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25

Inflation

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