AQA GCSE Economics Terms And Definitions - Microeconomics (National)

 Base Rate: Interest rate set by the Bank of England.

- Boom: Period of high economic activity and unemployment.

- Budget Deficit: Government spending exceeds tax revenue.

- Budget Surplus: Government spending is less than tax revenue.

- Claimant Count: Method of measuring unemployment by counting benefit claimants.

- Consumer Price Index (CPI): Measures inflation.

- Cost of Living: Average price level of goods and services.

- Cost Push Inflation: Price increases due to increased production costs.

- Cyclical Unemployment: Unemployment due to economic downturns.

 Debt: Total money owed by the government.

- Demand Pull Inflation: Price rises due to increased demand.

- Direct Tax: Tax on income or wealth.

- Distribution of Income: How income is shared among individuals.

- Economic Growth: Increase in GDP over time.

- Employment: Use of labor to produce goods and services.

- Fiscal Policy: Government use of tax and spending to influence the economy.

- Frictional Unemployment: Unemployment due to job transitions.

- GDP per Capita: GDP divided by population.

- Gross Domestic Product (GDP): Total value of goods and services produced.

- Gross Income: Income before taxes or benefits.

- Hyperinflation: Extremely high inflation.

- Income: Reward for factors of production, including labor.

- Indirect Tax: Tax on spending.

- Inflation: Sustained rise in general price level.

- Inheritance: Passing assets down generations.

- Labour Force: Number of employed individuals.

- Labour Force Survey: Measures unemployment via household survey.

- Menu Costs: Costs for firms of increasing prices.

- Minimum Wage: Lowest legal wage.

- Monetary Policy: Control of money supply to achieve economic goals.

- Net Income: Income after taxes and benefits.

- Poverty: Inability to afford basic necessities.

- Price Stability: Stable or low growth in price level.

- Privatization: Transfer of assets from public to private sector.

- Progressive Tax: Higher tax rates for higher incomes.

- Rate of Inflation: Percentage increase in price level.

- Rate of Unemployment: Percentage of unemployed workforce.

- Recession: Consecutive quarters of GDP decline.

- Redistribution: Use of tax and spending to reduce inequality.

- Seasonal Unemployment: Unemployment due to seasonal demand changes.

- Shoe Leather Costs: Costs of inflation-related transactions.

- Structural Unemployment: Joblessness due to industry decline.

- Supply Side Policy: Policies to increase economy's productive capacity.

- Trade Union: Worker organization for collective bargaining.

- Unemployment: Inability to find work at prevailing wages.

- Wage Price Spiral: Cycle of wage and price increases.

- Wealth: Value of owned assets.