A level Macroeconomics key terms Part 1

Made this quiz with my benefit in mind but you are welcome to try it

Sorry if some of the vocab is different to what you use

From Edexcel exam board

Will try to update as i get further through the course

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Last updated: October 13, 2022

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First submitted	February 10, 2021
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Hint	Answer
Type of supply, All factors of production are variable and can be adjusted accordingly	Long run aggregate supply
Type of supply, at least one factor of production is fixed	Short run aggregate supply
Assets lose qualities through daily use and technology becoming obsolete	Depreciation
The outlook that consumers have towards the economy and their own financial situation	Consumer Confidence
Examples include sudden price changes in commodities, pandemics, war, natural disaster, etc..	External shocks
Monetary value of all goods and services produced within an economy in a given time period (1 year)	GDP
How much (%) an economy grew over the period of 1 year	Economic Growth
Sustained rise in general price level	Inflation
The change in consumer spending following a change in income	Marginal propensity to consume
The price of a certain currency in terms of other currencies	Exchange Rate
Change in income generates a further change in consumption	Income Effect
Total value of exports - imports of goods and services within an economy at a certain price and time	Net Exports
Concerned with the study of the whole economy and the effect of changes in the international economy on a country	Macroeconomics
Belief that sometimes government intervention is needed during periods of recession and inflation in order to avoid markets spiralling out of control	Keynesian theory
Total expenditure by the government on goods and services in an economy at a certain price and time	Government expenditure
WPIDEC	Weaker Pound Imports Dearer Exports Cheaper
Total expenditure on goods and services within an economy at a certain price and time period	Aggregate Demand
Change in consumption generates further change in investment	Accelerator Effect
Change in injections generates further change in aggregate demand	Multiplier Effect
Belief that excessive inflation and recession is temporary	Classical theory
Total expenditure by households on goods and services within an economy at a certain price and within a certain amount of time	Consumption
Total expenditure on capital goods by firms within an economy at a certain price and within a certain amount of time	Investment
SPICED	Stronger Pound Imports Cheaper Exports Dearer