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Edexcel Economics 5. The UK Economy - Income, Growth, Policy

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: September 10, 2019
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First submittedAugust 18, 2019
Times taken29
Average score40.0%
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Description
Term
The proportion of additional income that people spend on imported goods and services
Marginal Propensity to Import (MPM)
Where an increase or decrease in aggregate demand has a cumulative effect on the economy through the successive spending rounds it causes
Multiplier Effect
That which has been contributed to by an ageing population relying more on low retirement pensions, technological progress causing jobs to become more skilled - increasing high-end wages, and globalisation causing the outsourcing of low skilled labour
Income Inequality
An addition to a stock such as putting money into a savings account
Inflow
That circumstance of households, firms, governments, &c. that made the 2007-08 recession so deep and slow to recover by reducing consumption and investment
Over-indebtedness
One of the three pairs between withdrawal and injection, relating to foreign trade
Imports and Exports
That which a country might not want due to the international pressure it will bring upon them to reduce it, such was the case leading up to the trade war between the United States of America and People's Republic of China
Current Account Surplus
Monetary and fiscal policies designed to increase economic activity such as by lowering unemployment
Reflationary or Expansionary Policies
That which economic growth can improve as unemployment falls and wages rise, allowing people to increase consumption, particularly of non-necessity products, and potentially increasing home ownership
Living Standards
An increase in the productive capacity of an economy, shown as in increase in either actual real gross domestic product of potential real gross domestic product
Economic Growth
Policies aimed at increasing supply while reducing government intervention in the economy
Market-based Supply-side Policies
The stock of skills, knowledge, and experience possessed by people, making them more productive and innovative
Human Capital
That which economic growth can harm as the increased consumption and investment results in more pollution of all types, while also fueling climate change
Environment
Where the benefits and opportunities provided by economic growth are incurred by every section of society
Inclusive Growth
Where growth and employment are rising, unemployment falling, and the inflation rate beginning to rise
Recovery or Upturn
The two types of government policy in alphabetical order
Demand-side Policy and Supply-side Policy
Where real national output and the price level (aggregate supply and aggregate demand) are equal
Macroeconomic Equilibrium
Those two things that must both increase for economic growth to be sustained, in alphabetical order
Aggregate Demand and Aggregate Supply
One of the three pairs between withdrawal and injection, relating to consumers and firms
Investment and Saving
That type of fiscal policy that will result in a reduction of the inflation rate ceteris paribus
Contractionary
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