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CASE STUDY TERMS - mock
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- 1VALUE ADDEDincrease in market value of goods or services as a result of the production process
VALUE ADDED=VALUE OF PRODUCTION-VALUE OF INTERMEDIATE INPUTS - 2SUSTAINABLE"enduring" "lasting" "to keep in being"
- 3LONG TERM UNEMPLOYEDout of work for at least a year
- 4EMPLOYMENT RATEpercentage of the population of working age in full time/part time paid employment
- 5HYSTERESISproblem caused by deep recession and persistently high unemployment
unemployment causing more unemployment - 6STRUCTURAL UNEMPLOYMENToccurs when the demand for labour is less than the supply of labour in an individual labour market
- 7REAL INCOMEmeasures purchasing power of a given amount of nominal income
- 8J-CURVE EFFECTdemonstrates time lag between a falling currency and an improved trade balance
- 9NET TRADEmeasures a countrys balance of trade
VALUE OF EXPORTS - VALUE OF IMPORTS - 10GLOBALISATIONdeepening of relationships between countries of the world reflected in an increasing level of overseas trade and investment
- 11TERMS OF TRADEvalue of a country's exports in terms of their imports
- 12RELATIVE UNIT LABOUR COSTSwage costs per unit of output
- determined by wage and productivity levels, relative to those in other countries - 13NON-PRICE COMPETITIVENESSquality, design, reliability, performance, service, marketing, branding
- 14NON-WAGE COSTS- cost of meeting environmental/health regulations
- environmental taxes
- laws
- pension systems for employees - 15Regionalisation of Tradeincrease in the intensity of trade & investment between countries in the same region
- 16intra-regional tradeexchange of virtually identical products between countries within the same region
- 17customs unioncountries that operate free trade with each other and impose a common external tariff
- 18TRADE CREATIONwelfare gains from lower import tariffs from within the customs union
- 19TRADE DIVERSIONwelfare loss from higher import prices from outside the customs union
- 20FIXED X-RATE ADVANTAGES- promotes trade & investment
- adjustment to the fixed currency parity is possible
- reduction in costs of hedging
- disciplines domestic producers to keep low prices
- reinforces gains in comparative advantage - 21FLOATING X-RATE ADVANTAGES- less need for foreign currency reserves
- useful instrument of macro-eco adjustment
- partial automatic correction for a trade deficit
- less currency speculation
- freedom for dom. monetary policy - 22voluntary export restraintwhere 2 countries make an agreement to limit their exports to one another each year
- 23intellectual property lawseg. patents and copyright laws
- 24domestic subsidiesstate aid for domestic businesses facing financial problems
- 25A RISE IN NET INWARD MIGRATION: benefits- increase in size of the active labour supply
- increase in aggregate demand
- positive effects on LR aggregate supply - 26RISE IN NET INWARD MIGRATION: risks- increased welfare costs eg. healthcare
- displacement of domestic workers
- social tensions
- rising demand for houses = rise in prices
- may worsen level of relative poverty in society - 27economic growthsustained rise in a country's productive potential and real national output
- 28sources of economic growth in CHINA- real GDP growth
- increasing capital & labour inputs
- rising factor productivity
- improved human capital
- improved allocative efficiency
- productivity enhancing effects of innovation - 29HDI (human development index)combines outcomes that might be valued in the development process
-life expectancy
-adult literacy rate
-% enrolled in prim/secon/terti education
-GDP per capita in US$ at PPP - 301.high HDI 2.medium HDI 3.low HDI1. 0.8 and above
2. between 0.5 and 0.8
3. less than 0.5 - 31Benefits of Globalisation1. greater specialisation in production
2. greater labour migration
3. development of global brands - 32OFFSHORINGTransferring part of the process to another country. Production may be outsourced or may be undertaken by the same firm but in another country.
- 33OUTSOURCINGsubcontracting part of the production process to another similar firm
- 34The GINI-COEFFICIENTThe Gini coefficient condenses the income distribution for a country into a single number between 0 and 1: the higher the number, the greater the degree of income inequality
- 35Comparative Advantagewhere one country produces a good or service at a lower relative opportunity cost than others
- 36Crowding outwhen gov. borrowing reduces the funds available for private sector investment/raises cost of investment by increasing interest rates
- 37Economic Cyclefluctuations in the level of economic activity as measured by GDP.
4 stages: recession, recovery, boom & slowdown - 38Economic Integrationrefers to the process of blurring the boundaries that separate economic activity in one nation state from that in another
- 39Dis-economy of scaleincrease in LRAC caused by an increase in the scale of production
- 40Absolute advantagewhere one country is able to produce more of a good or service with the same amount of resources, such that the unit cost of production is lower
- 41Capital intensive productionwhere production of a good or service requires a large amount of capital relative to other factors of production
- 42Fixed exchange ratesystem in which the value of one currency has a fixed value against other countries
- 43Floating exchange ratesystem whereby the price of one currency expressed in terms of another is determined by forces of supply and demand
- 44Foreign currency reservesforeign currencies held by central banks in order to enable intervention in the FOREX markets to affect the country's exchange rate
- 45FDIinvestment made by multinational corporation in a country other than where its operations originate
- 46Austerity measuresrefer to the measures taken by governments to reduce expenditures in an attempt to shrink their growing budget deficits
- 47ECONOMIC RECOVERYa period of time when REAL NATIONAL OUTPUT rises in at least 2 consecutive quarters
- 48ANNUAL RATE OF GROWTHrate of change in growth over a 12 month period
- 49Global brandsVisible characteristic of globalisation.
Often a product can be bought and sold across the globe. It's also a standardised product. - 50Global sourcingways in which global companies now source their operations through worldwide production
- 51—
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- A level Economics Fichas sobre CASE STUDY TERMS - mock, creado por erikacotton el 11/12/2015.
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