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Edexcel Economics 4. The UK Economy - Performance Measures

In this quiz the answers change every time you play! Guess the terms that fit these definitions
Answer must correspond to highlighted box!
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Last updated: August 13, 2019
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First submittedJuly 18, 2019
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Description
Term
The proportion of additional income households devote to domestic consumption
Marginal Propensity to Consume
(Current value)/(Base value)×100=
Index Number
Where people who are economically active and are willing and able to work at going wage rates are able to find employment
Full employment
Where the value of imports exceeds that of exports
Negative net exports
Where money in the form of foreign currencies spent on imports and investments is exceeded by money earned from exports and investments
Current Account Surplus
A sub-division of the balance of payments which adds the trade in goods with the trade in services, of which the UK has recently had a trade deficit due to a larger goods deficit than services surplus
Total trade
The difference between the nominal interest rate and the rate of inflation
Real interest rate
That distribution of total income that lowers the proportion spent on consumption as those with a larger share of total income can afford to save
Uneven Distribution
That, the principal social effect of which is a welfare loss, through people developing depression, dependency, health problems, or turning to crime, while town centres become less vibrant with more vacant premises and charity shops
Unemployment
That the increase of which causes an outward shift in the long-run aggregate supply curve as imports become cheaper thereby reducing costs
Exchange Rate
That which is criticised for not taking into account that individuals consume different products at different rates, with inflation thus affecting some more than others
Consumer Price Index
That which firms obtain the money for by issuing new shares, borrowing from banks, or using past profits
investment
That type of long-run aggregate supply curve that appears as a vertical line due to it being perfectly inelastic
Classical
Where prices, wages, and the money supply are falling, possibly leading to an economic recession
Deflation
When unemployment occurs as a result of a decline in particular industries because of long term changes in market conditions
Structural unemployment
Nominal interest rate-rate of inflation=
Real interest rate
That which is indicated by the economic growth rate, inflation rate, employment and unemployment rates, and the balance of payments position
Economic Performance
That theory of long-run aggregate supply that once pressure is placed on capacity, and shortages begin to appear, the price level will begin to increase until full employment is reached after which supply can rise no further, causing inflation
Modern
Temporary unemployment of people as they move from one job to another
Frictional unemployment
That which governments help firms do by reducing corporation tax or giving subsidies or grants
Invest
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