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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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robalot39
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Last updated: August 13, 2019
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First submittedJuly 18, 2019
Times taken45
Average score35.0%
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Description
Term
A graph showing aggregate supply in terms of real Gross Domestic Product against the price level in either the short-run or long-run
Aggregate Supply Curve
The elasticity of long-run aggregate supply according to Keynesian theory
Perfectly inelastic
A type of structural unemployment whereby human employees lose their jobs because of the introduction of new technologies
Technological unemployment
That organisation which defines those in employment as everyone over 16 who does at least one hour's paid work per week
International Labour Organisation
Money that the government can choose to spend as it is not bound by existing systems and commitments, such as defence spending
Discretionary Spending
The goods and services produced in the UK that are sold in other countries
exports (X)
The number of people claiming some form of unemployment benefit as a percentage of the total number of all jobs available
Claimant count rate
That the improvement of which causes an outward shift in the long-run aggregate supply curve as unit costs decrease and more output can be supplied at the same price level
Technology
The affect of a change in aggregate demand on the aggregate supply curve
Movement along the aggregate supply curve
Where the value of imports exceeds that of exports
Negative net exports
Household consumption ÷ disposable income =
Average propensity to consume
The total amount of spending on goods and services produced in an economy during a period of time
Aggregate Demand
That which firms obtain the money for by issuing new shares, borrowing from banks, or using past profits
investment
The value of the total incomes earned by the individuals and businesses national to a certain country regardless of actual place of residence or operation
Gross National Income
That, the three main variables of which are; government expenditure, taxation, and whether or not to run a budget deficit or surplus
Government Fiscal Policy
That, which in the short term, is addressed by finding capital funds to balance it such as via borrowing foreign currencies
Current Account Deficit
That which governments help firms do by reducing corporation tax or giving subsidies or grants
Invest
That which can cause people's living standards to decrease except those in key occupations with strong wage bargaining power who are able to push for wage increases thus maintaining their purchasing power
Inflation
The sum of the price paid per unit of goods or services multiplied by the number of units purchased
Total Expenditure
The value of all the goods and services produced over a period of time in terms of actual prices paid at the time without adjustment for inflation
Nominal Gross Domestic Product
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