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11 Cards in this Set
- Front
- Back
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Depression |
A period when there is a particularly deep and long fall in output. |
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Recession |
A period when growth in output falls or becomes negative. |
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Circular flow of income |
A model of the economy which shows the flow of goods, services and factors and their payments around the economy. |
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Closed economy |
An economy where there is no foreign trade |
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Gross Domestic product (GDP) and Gross national product (GNP) |
Measures of national income which exclude and include net income from investments abroad, but do not include an allowance for depreciation of nation's capital stock. |
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Injections |
Spending which is not generated by households including investment, government spending and exports. |
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Withdrawals or Leakages |
Spending by households which does not flow back to domestic firms, including savings, taxes and imports |
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National income |
The value of the output, expenditure or income of an economy over a period of time |
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Frictional unemployment |
When workers are unemployed for short lengths of time between jobs. |
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Consumer price index (CPI) |
A measure of the price level used across the EU and used by the Bank of England to measure inflation against its target |
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Retail Price Index (RPI) |
A measure of the price level which has been calculated in the UK for over 60 years |
