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11 Cards in this Set
- Front
- Back
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Expenditure |
Payment of cash equivalent for goods and services |
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Aggregate demand |
Total demand for final goods and services in economy at a given time |
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Output |
Quantity of goods and services produced in a given time. But a film industrial or country |
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Material living standards |
A measure of a country's taxes in materials goods and services |
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Taxation |
Compulsory payment to the government from the private sector to finance government spending |
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Productivity |
Output per unit of input overtime |
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Government intervention |
Regulatory actions taken by a government in order to affect intervene with decisions made by individuals, groups, or organisations regarding social and economic matters |
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Tariffs |
An indirect tax added onto the price of Imports to make them dearer to local consumers and protect local Industries from overseas competition |
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Subsidies |
A cash payment by the government designed to help producers complete by enabling them to sell their products at a lower price than would otherwise occur. Such assistance can lead to inefficiency |
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Import quotas |
Government restrictions imposed to limit imports through the issue of licensing to importers |
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Circular flow of income |
Illustrate how the economy works and how it's different parts inter relate |
