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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 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
The total value of all finished goods and services produced by national of a country regardless of actual place of residence
Gross National Product
The speed at which the economy could grow if all factors of production were fully used
Potential growth
That which is more volatile than consumption due to its greater reliance on expectations for the future
Investment
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
The loss of value of capital assets, like machinery and buildings, over time due to wear and tear, weathering, and obsolescence
Depreciation
Where a country erects trade barriers against other countries to protect domestic industries and counter what is perceived as unfair competition
Protectionism
That organisation which defines those in employment as everyone over 16 who does at least one hour's paid work per week
International Labour Organisation
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
That theory of long-run aggregate supply that once pressure is placed on capacity, and shortages begin to appear, the price level will begin to increase until full employment is reached after which supply can rise no further, causing inflation
Modern
Description
Term
That, the value of which will be eroded with inflation, assuming the interest rate paid is lower than the inflation rate
Savings
The reliability of an exporting firm in delivering goods and services on time
Reliability of Delivery Dates
The value of the total incomes earned by the individuals and businesses national to a certain country regardless of actual place of residence or operation
Gross National Income
The affect of a change in aggregate demand on the aggregate supply curve
Movement along the aggregate supply curve
Where the longer one is unemployed the more detached they become from their skills thus further harming their ability to find a job
Hysteresis
A type of frictional unemployment consisting of those who do not accept the first job they are offered but instead search around for a more suitable one
Search unemployment
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
That which is criticised for not taking into account variations in price between product groups or changes in quality such as of technology
Consumer Price Index
Where money in the form of foreign currencies spent on imports and investments exceeds money earned from exports and investments
Current Account Deficit
That, the symptoms of which are that prices rise, monetary incomes and wages rise, and the amount of money in circulation rises
Inflation
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