Edexcel Economics 4. The UK Economy - Performance Measures

Description

Term

The monetary value of all goods and services produced within a country over a specific period of time

Where a country erects trade barriers against other countries to protect domestic industries and counter what is perceived as unfair competition

A rating of how safe it is to lend a large company money

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

Those who are neither working nor looking for paid employment or self employment

The volume of goods or services that a firm can produce

That which is more volatile than consumption due to its greater reliance on expectations for the future

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

A type of structural unemployment whereby human employees lose their jobs because of the introduction of new technologies

Where money in the form of foreign currencies spent on imports and investments is exceeded by money earned from exports and investments

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

The total amount of spending on goods and services produced in an economy during a period of time

That which is made more expensive for firms by a higher interest rate ceteris paribus

That which can be sub-divided into the current account, capital account, and financial account?

(Current value)/(Base value)×100=

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

The theory that inflation is caused by an independent rise in the money supply such as due to low interest rates

Nominal interest rate-rate of inflation=

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

Exports - imports =