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65 Cards in this Set
- Front
- Back
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Actual Economic Growth |
The rate of growth of GDP in a period |
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Aggregate Demand |
The total amount of spending on goods and services produced in an economy during a period of time |
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AD curve |
The relationship between the level of AD and the overall price level |
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Automatic Stabilisers |
Effects by which the government expenditure adjusts to offset the effects of recession and boom without the need for active intervention |
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Average propensity to consume |
The proportion of income that households devote to consumption |
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Balance of Payments |
A set of accounts showing transactions conducted between resident of a country and the rest of the world |
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Bank Rate |
The interest rate set by the MPC to influence inflation |
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Business Cycle |
A phenomena when GDP fluctuates around its underlying trend, following regular pattern |
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Capital Productivitity |
A measure of output per unit of capital |
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Circular Flow Of Income |
A model of the economy which shows the movement of goods and services between households and firms |
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Claimant Count |
The number of people claiming Jobseekers Allowance |
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CPI |
A measure of the general level of route in the UK, the rate of change of which has been used as the Governments inflation target since 2004 |
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Consumption |
Total planned household spending |
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Cost push inflation |
Inflation initiated by an increase in the costs faced by firms, arising in the supply side |
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Cost push inflation |
Inflation initiated by an increase in the costs faced by firms, arising in the supply side |
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Crowding out |
A process by which an increase in government expenditure crowds out private sector activity by raising the costs of borrowing |
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Cost push inflation |
Inflation initiated by an increase in the costs faced by firms, arising in the supply side |
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Crowding out |
A process by which an increase in government expenditure crowds out private sector activity by raising the costs of borrowing |
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Cyclical Unemployment |
Unemployment that arise during a downturn of the economy |
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Deflation |
A fall in the average level of prices |
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Deflation |
A fall in the average level of prices |
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Demand Pull inflation |
Inflation initiated by an increase in AD |
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Deflation |
A fall in the average level of prices |
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Demand Pull inflation |
Inflation initiated by an increase in AD |
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Depreciation |
The fall in value of physical capital equipment over time subject to wear and tear |
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Deflation |
A fall in the average level of prices |
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Demand Pull inflation |
Inflation initiated by an increase in AD |
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Depreciation |
The fall in value of physical capital equipment over time subject to wear and tear |
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Disinflation |
Fall in the rate of inflation |
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Deflation |
A fall in the average level of prices |
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Demand Pull inflation |
Inflation initiated by an increase in AD |
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Depreciation |
The fall in value of physical capital equipment over time subject to wear and tear |
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Disinflation |
Fall in the rate of inflation |
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Disposable income |
Income households have to consume and save, taking into account payments of direct tax and transfer payments |
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Exchange rate |
The price of one currency when compared to another |
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Exchange rate |
The price of one currency when compared to another |
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Fiscal Policy |
Decisions made by the government on its expenditure, taxation and borrowing |
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Exchange rate |
The price of one currency when compared to another |
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Fiscal Policy |
Decisions made by the government on its expenditure, taxation and borrowing |
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Frictional Unemployment |
Unemployment associated with job search |
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Exchange rate |
The price of one currency when compared to another |
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Fiscal Policy |
Decisions made by the government on its expenditure, taxation and borrowing |
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Frictional Unemployment |
Unemployment associated with job search |
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GNI per capita |
The average level of GNI per person |
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Exchange rate |
The price of one currency when compared to another |
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Fiscal Policy |
Decisions made by the government on its expenditure, taxation and borrowing |
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Frictional Unemployment |
Unemployment associated with job search |
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GNI per capita |
The average level of GNI per person |
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GDP |
Measure of economic activity carried out in the domestic economy over a period of time |
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Exchange rate |
The price of one currency when compared to another |
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Fiscal Policy |
Decisions made by the government on its expenditure, taxation and borrowing |
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Frictional Unemployment |
Unemployment associated with job search |
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GNI per capita |
The average level of GNI per person |
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GDP |
Measure of economic activity carried out in the domestic economy over a period of time |
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Front (Term) GNi |
Back (Definition) Level of GDP plus income from abroad |
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Unemployment Rate |
A percentage of the workforce without jobs but available |
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Exchange rate |
The price of one currency when compared to another |
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Fiscal Policy |
Decisions made by the government on its expenditure, taxation and borrowing |
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Frictional Unemployment |
Unemployment associated with job search |
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GNI per capita |
The average level of GNI per person |
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GDP |
Measure of economic activity carried out in the domestic economy over a period of time |
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Front (Term) GNi |
Back (Definition) Level of GDP plus income from abroad |
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Unemployment Rate |
A percentage of the workforce without jobs but available |
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Index Number |
A device for comparing the value of a variable in one period with a base observation |
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Market Based policy |
Policies that rely on allowing markets to work more freely |
