Flashcards: Understanding Economic Data and Policy — 10 cards

Data sources — primary vs secondary?

Primary data collected for this specific purpose.

Interpreting tables — first step?

Identify what metric or data is being displayed.

GDP — purpose?

Measure economic output and growth.

Recession — characteristic?

Sustained decline in economic activity.

Inflation — main drivers?

Consumer confidence, wages, energy costs, exchange rates.

Unemployment rate — limitation?

Does not capture labour-market quality or underemployment.

Labour productivity — definition?

Output per unit of labour.

Comparing economies — indicators?

GDP, inflation, unemployment.

Living standards — material?

Income, consumption, tangible resources.

Budget balance — types?

Balanced, deficit, surplus.