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Key Terms Used in Economics Unit 2
- Inflation
- An increase in the cost of living
- An increase in the cost of living
- Deflation
- A decrease in the cost of living
- A decrease in the cost of living
- Gross Domestic Product at constant prices
- The volume of output of goods & services
produced in the economy after discounting the
effect of inflation
- The volume of output of goods & services
produced in the economy after discounting the
effect of inflation
- Supply side policy
- A policy that aims for a rightward shift of the aggregate supply curve
- A policy that aims for a rightward shift of the aggregate supply curve
- Productivity
- The output per worker / per hour worked
- The output per worker / per hour worked
- Fiscal deficit
- Government spending is more than revenue
- Government spending is more than revenue
- Injection
- An addition to the level of I+G+X demand in the circular flow
- An addition to the level of I+G+X demand in the circular flow
- Multiplier
- The number of time a rise in income exceeds the rise in injections that caused it
- The number of time a rise in income exceeds the rise in injections that caused it
- Circular Flow of Income
- The flow of goods and services between households &
firms and their corresponding payments in money terms
- The flow of goods and services between households &
firms and their corresponding payments in money terms
- Current Account Deficit
- The value of imports is greater than the value of exports
- The value of imports is greater than the value of exports
- Spare Capacity
- A situation where there are unemployed resources in the economy
- A situation where there are unemployed resources in the economy
- Output Gap
- A measure of the difference between actual and potential GDP
- A measure of the difference between actual and potential GDP
- Economic Growth
- An increase in Real GDP
- An increase in Real GDP
- Human Development Index
- A composite measure of economic development which includes
life expectancy, years of school enrolment, literacy & GDP at PPP's
presented as an index or rank which indicates the health and
education rather than just income
- A composite measure of economic development which includes
life expectancy, years of school enrolment, literacy & GDP at PPP's
presented as an index or rank which indicates the health and
education rather than just income
- Inflation Target
- A permitted range for the increase in the price levels - measured by changes in the CPI 2% (+ or - 1%)
- A permitted range for the increase in the price levels - measured by changes in the CPI 2% (+ or - 1%)
- Demand Side Policy
- This refers to monetary and fiscal policies
- This refers to monetary and fiscal policies
- Fiscal Policy
- A policy that changes either TAXES or GOVERNEMENT SPENDING in order to affect AD
- A policy that changes either TAXES or GOVERNEMENT SPENDING in order to affect AD
- Monetary Policy
- A policy that changes either interest rates or
the quantity of money in order to affect AD
- A policy that changes either interest rates or
the quantity of money in order to affect AD
- Depreciation of the pound
- A pound that has fallen in value against another major currency
- A pound that has fallen in value against another major currency
- Rate of unemployment
- The percentage of the workforce that is not
currently employed
- The percentage of the workforce that is not
currently employed
- Rate of interest
- The cost of borrowing
- The cost of borrowing
- Investment
- The buying of capital goods
- The buying of capital goods
- Macroeconomic objectives
- The main aims of the government to improve economic welfare
- The main aims of the government to improve economic welfare
- Real income
- The value after the
effects of inflation have
been removed
- The value after the
effects of inflation have
been removed
- Recession
- Two consecutive quarters of negative growth
- Two consecutive quarters of negative growth
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