• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/11

Click to flip

11 Cards in this Set

  • Front
  • Back
economic models
these are used to show the essential characteristics of complicated economic conditions in order to analyse them and predict the result of changes of variables
recession
when an economy is growing at less than its long-term trend rate growth
balance of payments
exports minus imports - a deficit means more is imported than exports
flow
measured over a specified period of time
stock
a quantity measured at a particular point in time
injections
money that originates outside the circular flow and so will increase national income/output/expenditure
withdrawals
any money not passed on in the circular flow and has the effect of reducing national income/output/expenditure
investment
spending by firms on buildings, machinery and improving the skills of the labour force
savings
a withdrawal from the circular flow
income induced
will increase as income increases and decrease as income decreases
multiplier effect
where an increase or decrease in spending leads to a larger than proporionate change in the national income