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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
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Last updated: August 13, 2019
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First submittedJuly 18, 2019
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Description
Term
Where money in the form of foreign currencies spent on imports and investments exceeds money earned from exports and investments
Current Account Deficit
A type of frictional unemployment consisting of those who do not accept the first job they are offered but instead search around for a more suitable one
Search unemployment
Where a firm must purchase more factors of production in order to produce more
Full Capacity
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
That which is reduced, as firms' uncertainty increases and confidence decreases
Investment
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
A period of perhaps ten or twenty+ years in macroeconomic terms
long run
Government expenditure not affected by the level of real income in the economy as it is bound by existing systems and commitments such as the state pension
Automatic/Autonomous/Non-Discretionary Expenditure
A type of structural unemployment whereby human employees lose their jobs because of the introduction of new technologies
Technological unemployment
Prices that do not change immediately in response to changes in the market such as due to the result of a fixed contract
Sticky Prices
A rise in the general price level over time and thus a fall in the purchasing power of money, with there being an imbalance between the quantity of goods and services and the quantity of money
Inflation
That which inflation may make cheaper due to a resulting fall in confidence of the country abroad causing a fall in the exchange rate
Exports
Nominal GDP×(price index in base year)/(price index in current year) or 100×(nominal GDP)/(price index)
Real Gross Domestic Product
The total value of all finished goods and services produced by national of a country regardless of actual place of residence
Gross National Product
Where wages are above equilibrium resulting in excess supply, possibly causing employers to cut wage bills by shedding labour
Real wage inflexibility
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
The monetary value of all goods and services produced within a country over a specific period of time
Gross Domestic Product
Nominal interest rate-rate of inflation=
Real interest rate
A United Nations agency whose role is to set international labour standards
International Labour Organisation
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