Economics: Topic 8, Year 1 Definitions - Statistics

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The average score is 10 of 35

Answer Stats

Definition	Answer	% Correct
Products produced in the 'home' economy and sold to customers overseas.	Exports	100%
The trend for many markets to become worldwide in scope.	Globalisation	100%
Products bought by households, firms and the government in one country that are produced in othe countries.	Imports	100%
A fall in the value of a country's currency against other currencies.	Depreciation	67%
A measure of the number of people who are in work at a particular time.	Employment	67%
The percentage of the population aged 16-64 who are in work.	Employment Rate	67%
The proportion or percentage of economically active people within a country who are unemployed.	Unemployment Rate	67%
Unemployment arising from a fall in aggregate demand.	Cyclical Unemployment	33%
The rate of decrease of the general price level and the corresponding rise in the value of money. It has become more common recently as a number of countries have experienced falls in their general price levels.	Deflation	33%
An action by governments or other authorities implemented with the intention of reducing aggregate demand.	Deflationary Policies	33%
Describes the process of removing manufacturing industries from an economy and the economic and social consequences, such as unemployment, which follow.	Deindustrialisation	33%
Occurs when prices are rising, but at a decreasing rate.	Disinflation	33%
The advantages that a firm gains due to an increase in its size or in the size of the industry in which it operates.	Economies of Scale	33%
The sale of goods and services across national frontiers.	International Trade	33%
An increase in an economy's productive potential and is what is usually meant by the term 'economic growth'.	Long-run Economic Growth	33%
Unemployment that exhibits regular and predictable fluctuations throughout the year.	Seasonal Unemployment	33%
An increase in production of goods and services that occurs without an economy acquiring additional factors of production. This is because the available resources within the economy are used more intesively.	Short-run Economic Growth	33%
Job losses from the long-term decline of specific industries.	Structural Unemployment	33%
Occurs when workers take a decision not to enter the labour market at the current wage rate.	Voluntary Unemployment	33%
A part of the current account of the balance of payments and measures the earnings from exports minus the expenditure on imports.	Balance of Trade	0%
States that even relatively inefficient economies can benefit from international trade.	Comparative Advantage	0%
Arises from firms facing increased costs of production and originates in the supply side of the economy.	Cost-push Inflation	0%
Exists when inflows of currency recorded on the current account are smaller than outflows over some period of time.	Current Account Defecit	0%
Exists when inflows of currency recorded on the current account exceed outflows over some period of time.	Current Account Surplus	0%
A rise in the general price level that results from an increase in aggregate demand.	Demand-pull Inflation	0%
Refers to a person who is either in employment or who is unemployed and therefore seeking work.	Economically Active	0%
Occurs when an economy's actual level of GDP shows a regular pattern of variation compared with its long-term trend.	Economic Cycle	0%
Describes an economy that has a low income per capita but is enjoying high rates of economic growth.	Emerging Markets	0%
Exists when workers are in the process of moving into a new job.	Frictional Unemployment	0%
Measures the value of imports as a percentage of consumption.	Import Penetration	0%
Exists when the actual level of real GDP is below the long-term trend level.	Negative Outputs Gaps	0%
One in which international represents a high proportion of its GDP. The UK is an increasingly open economy.	Open Economy	0%
Measures the difference between an economy's actual level of real GDP and its long-term trend level of real GDP.	Output Gaps	0%
Exists when the actual level of real GDP is above the long-term trend level.	Positive Output Gaps	0%
A rate of economic growth that is sustainable over long periods of time.	Trend Rate	0%

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