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Economics definitions: F582
Fichas del conjunto (65)
- 1Current account deficitWhen more money is leaving the country than entering it, as a result of sales of its exports, income and current transfers from abroad being less than imports and income and current transfers going abroad
- 2Nominal GDPOutput measured in current prices and so not adjusted for inflation
GDP figure x base year price index
current year price index - 3Labour productivityOutput per worker hour
- 4Unemployment rateThe percentage of the labour force who are out of work
unemployed x 100%
labour force - 5Claimant countA measure of unemployment that includes those receiving unemployment related benefits
- 6Average propensity to consume (APC)The proportion of disposable income that is spent. Consumer expenditure divided by disposable income
- 7InflationA sustained rise in the price level
- 8Consumer price indexA measure of changes in the price of a representative basket of consumer goods and services. Differs from the retail prices index (RPI) in methodology and coverage.
- 9Corporation taxA tax on firms profits
- 10Retail prices index (RPI)Measures of inflation that is used for adjusting pensions and other benefits to take account of changes in inflation and frequently used in wage negotiations.
- 11Real GDPThe country's output measured in constant prices and measured for inflation
- 12Aggregate DemandThe total demand for a country's goods and services at a given price level and in a given time period
- 13Cyclical unemploymentUnemployment arising from a lack of AD
- 14Gross Domestic ProductThe total output of goods and services produced in a country
- 15Price levelThe average of each of the prices of all the products produced in an economy
- 16Exchange rateThe price of one one currency in terms of another
- 17Consumer expenditureSpending by households on consumer products
- 18Structural unemploymentUnemployment caused by the decline of certain industries and occupations due to changes in demand and supply.
- 19InvestmentSpending on capital goods
- 20TariffTax on imports
- 21Government spendingSpending by the central government and local government on goods and services
- 22Frictional unemploymentShort term unemployment occurring when workers are in between jobs.
- 23ExportsProducts sold abroad
- 24Government bondA financial asset issued by central or local government as a means of borrowing money
- 25ImportsProducts bought from abroad
- 26Net exportsThe value of exports minus the value of imports
(X - M) - 27Transfer paymentsMoney transferred from one person or group to another not in return for any good or service
- 28Job seekers allowanceA benefit paid by the government to those unemployed and trying to find a job
- 29Demand pull inflationIncreases in the price level caused by increases in aggregate demand
- 30Trade surplus Trade deficitValue of exports > value of imports
Value of exports < value of imports - 31Cost push inflationIncreases in the price level caused by increases in the costs of production.
- 32Rate of interestThe charge for borrowing money and the amount paid for lending money
- 33HysteresisUnemployment causing unemployment
- 34Menu costsThe costs of changing prices due to inflation
- 35Shoe leather costsCosts in terms of the extra time and effort involved in reducing money holdings.
- 36Inflationary noiseThe distortion of price signals caused by inflation
- 37Real interest rateThe nominal interest rate - the inflation rate
- 38Fiscal dragPeople's income being dragged into higher tax bands as a result of tax brackets not being adjusted in line with inflation
- 39Monetary Policy Committee (MPC)A committee of the Bank of England with responsibility for setting the interest rate in order to meet the governments inflation target.
- 40Fiscal PolicyThe taxation and spending decisions of a government
- 41Monetary policyCentral bank and or government decisions on the rate of interest, money supply and the exchange rate
- 42Aggregate SupplyThe total amount that producers in an economy are able and willing to supply at a given price level in a given time period
- 43PrivatisationTransfer of assets from the public to the private sector
- 44Macroeconomic equilibriumA situation where aggregate demand equals aggregate supply and real GDP is not changing
- 45Supply side policiesPolicies designed to increase aggregate supply by improving the efficiency of labour and product markets
- 46Reflationary DeflationaryOf policy measures designed to increase Aggregate Demand
Of policy measures designed to reduce Aggregate Demand - 47Circular flow of income Leakages InjectionsThe movement of spending and income throughout the economy
Withdrawals of possible spending from circular flow of income(taxes, saving, imports)
Additions of extra spending into the circular flow of income (investment, exports, government spending) - 48Discretionary fiscal policyDeliberate changes in government spending and taxation designed to influence aggregate demand
- 49Automatic stabilisersForms of government spending and taxation that change automatically to offset fluctuations in economic activity
- 50Multiplier effectThe process by which any change in a component of aggregate demand results in a greater final change in real GDP.
- 51OverheatingThe growth in AD outstripping the growth in AS, resulting in inflation
- 52Progressive tax Regressive taxA tax that takes a higher percentage from the income of the rich
A tax that takes a greater percentage from the income of the poor - 53Output GapThe difference between an economy's actual and potential real GDP
- 54Tariff QuotaA tax on imports
A limit on imports - 55Economic growthIn the short run, an increase in real GDP and in the long run an increase in productive capacity that is in the maximum output that the economy can produce
- 56Occupational immobility of labourDifficulty in moving from one type of job to another
- 57UnemploymentA situation where people are out of work but are able and willing to work
- 58ProtectionismThe protection of domestic industries from foreign competition
- 59Labour forceThe people who are employed and unemployed, that is, those who are economically active.
- 60DeflationA sustained fall in the general price level.
- 61Voluntary export restraintA limit placed on imports from a country with the agreement of that country's government
- 62Balance of paymentsA record of money flows coming in and going out of a country
- 63Inflation rateThe percentage increase in the price level over a period of time
- 64Sustainable economic growthEconomic growth that can continue over time and does not endanger future generations ability to expand productive capacity
- 65Full employmentA situation where those wanting and able to work can find employment at the going wage rate.
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- Economics Fichas sobre Economics definitions: F582, creado por busybee112 el 27/04/2013.
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