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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
That which firms do when they expect the rate of return to exceed the cost
Invest
The proportion of income that households devote to consumption
Average Propensity to Consume
Where the longer one is unemployed the more detached they become from their skills thus further harming their ability to find a job
Hysteresis
The survey which calculates unemployment by taking a sample of around 40,000 households and 80,000 individuals living in private households, classifying them according to the International Labour Organisation, and then subtracting the unemployed from the total of economically active persons
UK Labour Force Survey
The total volume of goods and services that all firms in the economy are willing and able to sell at a given price level in a given period
Aggregate Supply
The prices of a country's exported goods and services compared to other countries
Relative prices
The goods and services produced in the UK that are sold in other countries
exports (X)
Household consumption ÷ disposable income =
Average propensity to consume
Where tax receipts are not sufficient to cover government spending therefore requiring the government to borrow the difference
Budget Deficit
That which is more volatile than consumption due to its greater reliance on expectations for the future
Investment
That measure which is problematic in measuring the standard of living as it doesn't reflect the quality of education, healthcare, &c. or the source of growth
Gross National Income
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
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
Gross investment - depreciation
Net Investment
That which is increased with a higher rate of economic growth ceteris paribus
Investment
Exports - imports =
Net exports
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
That period of time which begins at the point of a change in price that firms can charge and ends at the point of a change in costs that firms have to pay
Short Run
That which causes an outward shift in the long-run aggregate supply curve as firms are incentivised to lower costs and increase productivity
Competition
That which is criticised for watering down the effects of steep price rises in a few products if inflation is very low for all the other products
Consumer Price Index
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