Glossary Category: Macroeconomy - Page 10 - 3auk

circular flow of income

The circular flow of income model depicts the continuous movement of money, goods, and services between key economic

Structural unemployment refers to a type of unemployment caused by fundamental shifts in the economy’s structure, such as

Frictional unemployment refers to the short-term and temporary unemployment that occurs when workers are transitioning between jobs, often

Leakages, also referred to as withdrawals, represent flows of income that exit the circular flow of income in

Economic growth refers to the expansion in the production of goods and services within an economy over a

The main measures of unemployment in economics are the claimant count and the Labour Force Survey (LFS), also

Economic growth refers to an increase in the production of goods and services over time, often measured by

Unemployment occurs when individuals who are actively seeking work are unable to find employment. It serves as a

Gross National Income (GNI) measures the total income earned by a country’s residents from both domestic and international