Economics: Topic 6, Year 1 Definitions - Statistics

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Answer Stats

Definition	Answer	% Correct
The value of all goods and services produced within an economy over a given period of time.	Gross Domestic Product	91%
The rate of increase of the general price level and the corresponding fall in the value of money.	Inflation	91%
A decline in the level of economic activity that occurs over a six-month period or longer.	Recession	82%
Exists when people are seeking work but are unable to find it.	Unemployment	73%
GDP data adjusted to remove the effects of inflation.	Real Gross Domestic Product	64%
The part of economics that is concerned with data, decisions, performance, policies and objectives that relate to the whole economy.	Macroeconomics	55%
Records transactions between UK residents and the rest of the world.	Balance of Payments	36%
Occurs when, over time, an economy expands its capacity to produce goods and services.	Economic Growth	36%
Measures how a nation's total income is spread between that country's inhabitants.	Distribution of Income	18%
A means of measuring changes in data over time by relating changes to a base year that is given the value of 100.	Index Numbers	18%
Measures the average income per person in a country after allowing for the effects of inflation.	Real Gross Domestic Product per Capita	18%
Records transactions in goods and services between UK residents and the rest of the world.	Current Account	9%
Measures the value of all goods and services that are produced in an economy over a given period of time, using their price at the time of production. Thus it does not exclude the effects of inflation on the value of output.	Nominal Gross Domestic Product	9%
Refers to people who are not in employment and who are not actively looking for work.	Economic Inactivity	0%
Shows the average change in a large number of variables and this average reflects the importance or weight of its various components.	Weighted Index Numbers	0%

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