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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
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Average score40.0%
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Description
Term
An increase in a country's ability to produce goods and services because of an increase in the quantity or quality of resources, shown as an outward shift of the the production possibility frontier or aggregate supply curve
Potential Economic Growth
Measures that make changes to government spending, taxation, and thus borrowing, carried out by HM Treasury
Fiscal Policy
The two main agents in the circular flow, in alphabetical order
Firms and Households
The two sets of flows in the circular flow, in alphabetical order
Goods and Money
The phenomenon whereby gross domestic product fluctuates around its underlying trend, following a regular pattern
Trade/Business Cycle
That one of the three principal measures from the circular flow of income, expenditure, and output model which best describes how resources are being used in an economy
Expenditure-side Estimate
The period during which economic growth is below the trend rate, with there being low inflation and higher unemployment
Slowdown or Recession/Downturn
The average rate of economic growth that is sustainable over a period of time without causing inflation
Trend Rate of Growth
Those policies, the main strengths of which are that; they can enable growth while avoiding inflationary pressure, may not increase government spending, and can result in investment that would not otherwise have happened
Supply-side Policies
Policies that are directed the supply, being aimed at improving the efficiency of product and labour markets
Supply-side Policies
That type of fiscal policy that will result in a reduction of the inflation rate ceteris paribus
Contractionary
A strategy for achieving rapid economic growth through the promotion of export activity, particularly where the domestic market is insufficient alone for such growth
Export-led Growth
A measure of output per unit of capital
Capital Productivity
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
Where real national output and the price level (aggregate supply and aggregate demand) are equal
Macroeconomic Equilibrium
Where an economy is producing above maximum potential output such as by workers working overtime
Positive Output Gap
A committee of the Bank of England that meets monthly to decide whether to change the Bank Rate by looking at growth rates, the inflation rate, unemployment, the exchange rate, &c.
Monetary Policy Committee
Where money flows out of the circular flow in the form of saving (S), taxation (T), and imports (M)
Withdrawal (W) or Leakage
A deceleration in the growth rate, though still remaining positive
Slowdown
Those countries, of which it is debated as to whether they should concentrate their resources on achieving economic growth or improving people's basic needs
Developing Countries
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