|
Description
|
Term
|
|
That which can be caused by unemployment (perhaps due to too high a working age population for the economy to sustain), low wages or surplus produce to sell, low or no state benefits, poor access to childcare, poverty traps, etc.
|
Poverty
|
|
That which arises from wages, welfare benefits, profits, dividends, rents, and interest
|
Income
|
|
That which must be kept near equilibrium so as not to exhaust foreign currency reserves or accumulate excess foreign currency reserves
|
Fixed Exchange Rate
|
|
That which the UK has tried to improve in the form of macroeconomic stability viz. maintaining a low inflation rate, increasing competition in banking, holding a competition relative exchange rate, etc.
|
International Competitiveness
|
|
Tax on additional income defined as the change in tax payments due divided by the change in taxable income: ∆ tax payments÷∆ taxable income
|
Marginal Tax Rate
|
|
Countries defined by the World Bank as those with an annual per capita GNI above $12,475
|
High Income Countries (HICs)
|
|
Those economies in which the imbalance in the global balance of payments is maintained by a lack of confidence in domestic financial assets and institutions such as in China, causing them to buy more sophisticated and safer British and American financial assets
|
Emerging Economies
|
|
The only region non seeing a significant or any improvement in the proportion of people in absolute poverty
|
Sub-Saharan Africa
|
|
The current trade negotiation round of the World Trade Organisation, beginning in 2001, but stalled since 2014 over a 2008 breakdown regarding differential treatment and agricultural subsidies between developed countries (Canada, the EU, Japan, and the USA) and developing countries (Brazil, China, India, and South Africa)
|
Doha Development Round
|
|
That which might be caused by import restrictions or devaluation as the prices of domestic products may increase due to less supply, competition, and increased productions such as imported raw materials
|
Inflation
|
|
|
Description
|
Term
|
|
The process whereby firms in one country allocate part or all of their production to firms in other countries, hired by them but not owned
|
Outsourcing
|
|
That which to measure it is necessary to use the real exchange rate, inflation rate, productivity (GDP per hour worked, total factor productivity, etc.)/relative costs of production, and marketing skills (such as language proficiency)
|
International Competitiveness
|
|
A system set up by a group of European countries in 1979 to keep member countries' currencies relatively stable against each other, being a managed exchange rate, with eleven realignments between 1979 and 1987
|
Exchange Rate Mechanism (ERM)
|
|
That price elasticity which is assumed of world supply
|
Perfect Price Elasticity of Supply
|
|
The component of the current account comprising that which is earned by a country from investment overseas such as profits from Tesco supermarkets in Asia
|
Income
|
|
A decrease in the value of a currency/the exchange rate, such as due to inflation
|
Depreciation
|
|
That the effects of which are that educational attainment falls (not having books, a computer, access to school trips of university, etc.), mental and physical health deteriorate (healthy foods are unaffordable, while some turn to addictive substances for comfort), and there is decreased access to entertainment and transport services, etc.
|
Poverty
|
|
That external shock not of economic origin that began in China in December 2019
|
Coronavirus
|
|
The replacement of more expensive domestic production or imports with cheaper output from a partner within a trading bloc
|
Trade Creation
|
|
That the benefits of which to members is much determined by the proportion of their trade that is with other members, and the extent of their pre-existing integration
|
Single Currency
|
|
