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A level Macroeconomics key terms Part 2

From Edexcel
Quiz by CharlieRich16
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Last updated: October 13, 2022
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First submittedMay 1, 2021
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Average score35.1%
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Short term fluctuations of National Output around its long term trend
Business cycle
JSA
Job Seekers Allowance
Those who are underemployed or willing to take a job if offered, but not actively looking for one
Hidden Unemployment
Inflation caused by excess demand in the economy
Demand pull
When the level of actual GDP > trend growth GDP
Positive output gap
A period of at least 6 months when a country suffers a fall in output
Recession
When the level of actual GDP < trend growth GDP
Negative output gap
Inflation caused by increases in the costs of production
Cost push
Measures the value of all goods and services taking into account the rise in the general price level
Real GDP
Type of UE: A mismatch of skills
Structural
The total value of goods and services produced by a country's residents at home or abroad
GNI
Records all financial transactions made between consumers, businesses and the government in one country with another nation
Balance of payments
The purchasing power of one currency in one economy compared to the purchasing power of the same currency in a different economy
Purchasing Power Parity
Deflation caused by a rise in AS
Benign
A fall in the rate of inflation
Disinflation
A concept that describes how recessionary periods can lead to opportunity and development
Creative destruction
Type of UE: Variations in the level of employment due to seasonality of activity
Seasonal
A weakening of the rate of growth; GDP is still rising but increasing at a slower rate
Slowdown
Trade in services, transfers of income and other payments or reciepts
Invisible
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Type of UE: Temporary UE when people are between jobs
Frictional
Sustained fall in general price level
Deflation
Type of UE: Generated by a fall in demand
Cyclical
People who are able, available, willing and actively searching for work
Unemployment
Type of UE: People refusing jobs
Voluntary
A phase after a recession during which rGDP starts to increase and unemployment starts to fall
Recovery
Trade in goods
Visible
A measure of the price level of a basket of goods and services
CPI
The ease and ability of labour to move to places with high demand for labour
Geographical mobility
Measures the value of all goods and services produced at the market price level of the day
Nominal GDP
Little incentive for workers with low income to earn extra income as it would result in higher tax and lower benefits
Poverty Trap
Prolonged downturn in the economy where a nations GDP falls by at least 10%
Depression
Rapid inflation; up to 50% per month
Hyperinflation
A concept that describes recessions that lead to a permanent downward shift in the trend growth of GDP
Hysteresis
Type of UE: National Minimum Wage is too high
Real Wage
Deflation caused by a fall in AD
Malign
The more qualified, the more transferable skills one has
Occupational mobility
A period when the rate of real GDP is faster and higher than the long term trend
Boom
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