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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
Answer must correspond to highlighted box!
Quiz by robalot39
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Last updated: August 13, 2019
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First submittedJuly 18, 2019
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Average score40.0%
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Description
Term
That, which in the short term, is addressed by finding capital funds to balance it such as via borrowing foreign currencies
Current Account Deficit
The difference between incomes received from and paid to overseas residents
Net income
That which causes an outward shift in the long-run aggregate supply curve as firms are incentivised to lower costs and increase productivity
Competition
A fall in total output
Negative growth
That which causes a redistributive effect from the poorer members of society to the richer
Inflation
The loss of value of capital assets, like machinery and buildings, over time due to wear and tear, weathering, and obsolescence
Depreciation
The proportion of additional income households devote to domestic consumption
Marginal Propensity to Consume
Nominal interest rate-rate of inflation=
Real interest rate
A measure of inflation seen as being more representative of the cost of living than the Consumer Price Index due to its giving a higher weighting to those items people consider necessities, including mortgage interest payment costs and taking the substitution effect into consideration
Retail Price Index
That which firms obtain the money for by issuing new shares, borrowing from banks, or using past profits
investment
Description
Term
A slowing down of the rate of inflation
Disinflation
The amount by which the actual output of an economy falls short of potential output
Output Gap
A graph with a negative slope that plots total demand in terms of real Gross Domestic Product against the price level
Aggregate Demand Curve
A situation where productive resources are not being used
Unemployment
Would spending on cleaning up an oil spill on a public beach show up as an increase of decrease of GDP ceteris paribus?
Increase
That demographic whose affect on unemployment is determined by the extent to which they act as substitutes or complements of the existing labour supply
Migrants
A type of frictional unemployment consisting of those who do not have regular work and thus find themselves between periods of employment, such as actors
Casual Unemployment
That part of the economy that is neither taxed nor monitored by government and thus does not show up in Gross Domestic Product or Gross National Income, such as growing one's own vegetables, particularly prevalent in developing countries
Informal economy
That which the comparison of between countries must consider the type of economy, the type of goods and services produced, difference in wealth distribution, income, working hours, and conditions, the prevalence of externalities, the size of the illegal economy (undeclared work), and the informal economy
Growth rate
The volume of goods or services that a firm can produce
Capacity
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