AQA GCSE Economics Terms And Definitions - Microeconomics (National)

Interest rate set by the Bank of England.

Period of high economic activity and unemployment.

Government spending exceeds tax revenue.

Government spending is less than tax revenue.

Method of measuring unemployment by counting benefit claimants.

Measures inflation.

Average price level of goods and services.

Price increases due to increased production costs.

Unemployment due to economic downturns.

Total money owed by the government.

Price rises due to increased demand.

Tax on income or wealth.

How income is shared among individuals.

Increase in GDP over time.

Use of labor to produce goods and services.

Government use of tax and spending to influence the economy.

Unemployment due to job transitions.

GDP divided by population.

Total value of goods and services produced.

Income before taxes or benefits.

Extremely high inflation.

Reward for factors of production, including labor.

Tax on spending.

Sustained rise in general price level.

Passing assets down generations.

Number of employed individuals.

Measures unemployment via household survey.

Costs for firms of increasing prices.

Lowest legal wage.

Control of money supply to achieve economic goals.

Income after taxes and benefits.

Inability to afford basic necessities.

Stable or low growth in price level.

Transfer of assets from public to private sector.

Higher tax rates for higher incomes.

Percentage increase in price level.

Percentage of unemployed workforce.

Consecutive quarters of GDP decline.

Use of tax and spending to reduce inequality.

Unemployment due to seasonal demand changes.

Costs of inflation-related transactions.

Joblessness due to industry decline.

Policies to increase economy's productive capacity.

Worker organization for collective bargaining.

Inability to find work at prevailing wages.

Cycle of wage and price increases.

Value of owned assets.