Flashcards
Economics Case Study: Key Words
Cards in this deck (25)
- 1Recessionat least two consecutive quarters of negative economic growth.
- 2Economic growthan increase in the amount of goods and services produced per head of the population over a period of time.
- 3Euro zonea term to describe the combined economies of countries using the euro.
- 4Globalisationan expansion in world trade in good or services leading to greater international interdependence.
- 5Developing countrya poor agricultural country that is seeking to become more advanced economically and socially.
- 6Dept releifdept cancellation for some developing countries.
- 7Fair tradetrade between companies in developed countries and producers in developed in which fair prices are paid to the producers.
- 8Real GDPthe volume of a countries output in a year, adjusted to the effects of inflation.
- 9Importsgoods and services provided to us by firms overseas.
- 10Exportsgoods and services provided by us to firms and individuals overseas.
- 11Comoditiesa raw material or primary agricultural product that can be bought and sold, such as copper or coffee.
- 12Inwards investmentinvestment made within a country from outside.
- 13Austerity programmesanything put into place to reduce government budget deficits. Eg: tax increases, spending cuts.
- 14International Monetary Fund IMFa global organisation that aims to provide international monetary cooperation and international trade.
- 15World Banka global organisation that provides development funding.
- 16Absolute povertythe inability to purchase the basic necessities of life (less than $1.25 a day to live on)
- 17Relative povertybeing poor relative to others. People living in households with less than 60% of average disposable income.
- 18Infrastructurethe basic physical and organizational structures and facilities (e.g. buildings, roads, power supplies) needed for the operation of a society or enterprise.
- 19Single marketan association of countries trading with each other without restrictions or tariffs.
- 20Exchange ratesthe amount of one currency that needs to be given up to buy one unit of another currency.
- 21Interest ratesthe cost of borrowing and the reward of saving.
- 22International tradethe exchange of goods and services across international boundaries.
- 23Free tradean absence of tariffs, quotas and regulations designed to reduce or prevent trade among nations.
- 24Specialisation (international)being better than another country at providing a good/ service in terms of quantity of output and lower costs.
- 25Absolute advantagewhen a country is able to provide a good/ service using fewer resources and at a lower cost than another country.
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- GCSE Economics (Case Study) Flashcards on Economics Case Study: Key Words, created by daisy0gillman on 04/02/2016.
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