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CH 21 Eco U2 Alevels Defination

The document defines key economic terms related to measuring economic performance, including balance of trade, current account, economic growth, GDP, exports, imports, inflation, recession, and unemployment. It explains that balance of trade is the value of exports minus imports, with a surplus occurring when exports are greater and a deficit when imports are greater. Current account and GDP are also introduced as measures of economic output and performance. Recession, inflation, and unemployment are outlined as additional metrics used to evaluate economic conditions.

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14 views1 page

CH 21 Eco U2 Alevels Defination

The document defines key economic terms related to measuring economic performance, including balance of trade, current account, economic growth, GDP, exports, imports, inflation, recession, and unemployment. It explains that balance of trade is the value of exports minus imports, with a surplus occurring when exports are greater and a deficit when imports are greater. Current account and GDP are also introduced as measures of economic output and performance. Recession, inflation, and unemployment are outlined as additional metrics used to evaluate economic conditions.

Uploaded by

nus jahan
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Knockout .Economics-No.

1 Economics and Business Studies Tutors


www.knockouteconomics.com
Private class, Small Course, Online course :@Knockout.economics

CHAPTER 21 : Introduction to the measures of economic performance

Key terms
1. Balance of trade : Part of the current account. The balance of trade records
the value of goods and services sold abroad (exports) and the the value of
goods and services bought from abroad(Imports). A positive value shows a
surplus, a negative value shows a deficit.
2. Balance of trade deficit : when the value of import is greater than exports.
3. Balance of trade surplus : when the value of exports is greater than the value
of imports.
4. Current account : part of the balance of payments account. A major
component of the current account is the balance of trade.
5. Economic growth : a measure of how much output has increased by over a
12-month period. It is expressed as a percentage.
6. Export : goods and services sold abroad.
7. Gross domestic product (GDP) : a standard measure of the output of an
economy, used by countries around the world.
8. Imports : Goods and services bought from abroad.
9. Inflation : A continuing and general rise in price across an economy.
10. Recession : Two quarters of negative economic growth in a row.
11. Unemployment : occurs when individuals are without a job but are actively
seeking work

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without the prior written permission from Knockout.Economics

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