Unit 2 Keywords

Flashcards by sarahsing, updated more than 1 year ago
Created by sarahsing over 7 years ago


Flashcards on Unit 2 Keywords, created by sarahsing on 04/26/2014.

Resource summary

Question Answer
Unemployment Unused resources
Inflation A sustained increase in the general level of prices
Monetary policy Controls the amount and value of money in the economy
Supply-side policies Measures intended to directly affect aggregate supply and the potential capacity output of the economy
GDP Measure of economic activity in a period
Productivity Measures output relative to input
RPI Retail Price Index - Measures inflation
CPI Consumer Price Index. Measures inflation
Demand-pull inflation AD grows quicker than supply. Higher spending results in upward pressure in prices
Cost-push inflation higher costs lead to expensive materials so prices have to be increased
Deflation A sustained fall in the general price level
Current account Difference between the value of X and M
Exchange Rate Price of one currency in terms of another
Protectionism Attempt to reduce imports by increasing price, reducing quantity or using regulation to deter foreign sellers.
Monetary policy transmission mechanism how changes in base rate influence spending decisions and how they affect macroeconomic variables
capital spending investment in infrastructure
current spending funds day-to-day running of the public sector
NICE Non Inflationary Constant Expansion
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