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Study
Chapter 18 Economic factors
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The total value of all of the economy’s output (measured quarterly or yearly)
Gross Domestic Product (GDP)
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The study and analysis of the behaviour of the whole economy
Macroeconomics
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The collective behaviour of a number of different groups such as businesses, people as employees and consumers, and the government.
The economy
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Income coming into the UK economy that does not come fro UK households; this comprises investment, government spending and exports.
Injections
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The (continuous) flow of income from businesses to households as payment for work and from households to businesses as payment for products
Circular flow of income
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Income that ‘leaks away’ from the economy and so does not get passed back to UK firms from households’ this comprises taxes, savings and imports
Leakages
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The sale of goods to other countries by UK businesses.
Exports
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The purchase of capital equipment and/or buildings by businesses.
Investment
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Purchase of goods from abroad
Imports
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The level of output in all sectors of the economy - primary, secondary and tertiary
Economic activity
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