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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
Where the value of imports exceeds that of exports
Negative net exports
The quality of a country's exported goods and services compared to other countries
Relative Quality
Change in consumption ÷ change in income =
Marginal propensity to consume
Where tax receipts are not sufficient to cover government spending therefore requiring the government to borrow the difference
Budget Deficit
Where a country erects trade barriers against other countries to protect domestic industries and counter what is perceived as unfair competition
Protectionism
Where people who are economically active and are willing and able to work at going wage rates are able to find employment
Full employment
A country's Gross Domestic Product as a total figure in monetary terms
Total Gross Domestic Product
Where money in the form of foreign currencies spent on imports and investments exceeds money earned from exports and investments
Current Account Deficit
When unemployment occurs as a result of a decline in particular industries because of long term changes in market conditions
Structural unemployment
That which is encouraged with a rise in wealth ceteris paribus
Consumption
Description
Term
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 difference between the nominal interest rate and the rate of inflation
Real interest rate
The elasticity of long-run aggregate supply according to Keynesian theory
Perfectly inelastic
The difference between incomes received from and paid to overseas residents
Net income
Gross Domestic Product per head of population
Gross Domestic Product per capita
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 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 is reduced, as firms' uncertainty increases and confidence decreases
Investment
The proportion of income that households devote to consumption
Average Propensity to Consume
That which can be sub-divided into trade in goods, trade in services, and the balance of trade in goods and services
Current Account
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