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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!
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Last updated: August 13, 2019
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First submittedJuly 18, 2019
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Description
Term
Where money in the form of foreign currencies spent on imports and investments exceeds money earned from exports and investments
Current Account Deficit
That organisation which defined the unemployed as those people over 16 who are without work but available and seeking work
International Labour Organisation
Where a firm can produce more with the same factors of production
Spare capacity
That period of time which begins at the point of a change in price that firms can charge and ends at the point of a change in costs that firms have to pay
Short Run
The income that households are able to devote to consumption and saving
Disposable Income
Job positions that employers want to fill but for which they have been unable to find suitable employees
Unfilled vacancies
That the increase of which causes an outward shift in the long-run aggregate supply curve as more output is produced with the same factors of production
Productivity
That which is increased by greater consumer confidence in their employment and in the economy
Consumption
Where people who are economically active and are willing and able to work at going wage rates are able to find employment
Full employment
Prices that do not change immediately in response to changes in the market such as due to the result of a fixed contract
Sticky Prices
Description
Term
That, the three main variables of which are; government expenditure, taxation, and whether or not to run a budget deficit or surplus
Government Fiscal Policy
That which would decrease with an increase in real income as products are diverted to the buoyant home market
Exports
The proportion of an increase in disposable income that households would devote to saving
Marginal Propensity to Save
A rise in total output
Positive growth
That which governments help firms do by reducing corporation tax or giving subsidies or grants
Invest
Consumption (C) + Investment (I) + Government Spending (G) + Net Exports (X-M) =
Aggregate Demand
The principal measure of inflation for most countries including the UK, measured according to the prices of over 700 representative consumer items, updated according to changes in shopping habits every 12 months
Consumer Price Index
A country's Gross Domestic Product as a total figure in monetary terms
Total Gross Domestic Product
A situation where productive resources are not being used
Unemployment
That measure which is problematic in measuring the standard of living as it doesn't reflect the quality of education, healthcare, &c. or the source of growth
Gross National Income
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