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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
The monetary value of all goods and services produced within a country over a specific period of time
Gross Domestic Product
Where a country erects trade barriers against other countries to protect domestic industries and counter what is perceived as unfair competition
Protectionism
A rating of how safe it is to lend a large company money
Creditworthiness
The value of all the goods and services produced over a period of time in terms of actual prices paid at the time without adjustment for inflation
Nominal Gross Domestic Product
Those who are neither working nor looking for paid employment or self employment
Inactivity
The volume of goods or services that a firm can produce
Capacity
That which is more volatile than consumption due to its greater reliance on expectations for the future
Investment
A sub-division of the balance of payments showing the balance between revenue earned from exports of physical goods and expenditure on the import of physical goods, of which the UK usually has a trade deficit
Trade in goods
A type of structural unemployment whereby human employees lose their jobs because of the introduction of new technologies
Technological unemployment
Where money in the form of foreign currencies spent on imports and investments is exceeded by money earned from exports and investments
Current Account Surplus
Description
Term
That the increase of which causes an outward shift in the long-run aggregate supply curve as imports become cheaper thereby reducing costs
Exchange Rate
The total amount of spending on goods and services produced in an economy during a period of time
Aggregate Demand
That which is made more expensive for firms by a higher interest rate ceteris paribus
Investment
That which can be sub-divided into the current account, capital account, and financial account?
Balance of Payments
(Current value)/(Base value)×100=
Index Number
A category of the balance of payments referring to remittances between those in different countries, donations to foreign charities, overseas aid, and payments to the European Union
Secondary income
The theory that inflation is caused by an independent rise in the money supply such as due to low interest rates
Monetary theory of inflation
Nominal interest rate-rate of inflation=
Real interest rate
That government measure the reduction of which causes an outward shift in the short-run aggregate supply curve as it would have the effect of lowering costs
Taxation
Exports - imports =
Net exports
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