definitions

Question 1

Butskelism

Answer 1

consesus of parties/policies

Question 2

Keynesianism

Answer 2

technique when the gov ‘irons out’ the economy

Question 3

stop-go economics

Answer 3

way to manage economy. when economy is well gov tells to spend (go). when it’s bad don’t

Question 4

mixed economy

Answer 4

system combining capitalism and socialism.

Question 5

balance of payments deficit

Answer 5

around of £ difference between how much gov spends and how much they earn

Question 6

Cold War

Answer 6

tension between countries. competing ideologies, propaganda ect

Question 7

EFTA

Answer 7

European free trade association. promotes free trade & economic integration

Question 8

NIC

Answer 8

national insurance contribution. employees pay taxes for state benefits (NHS)

Question 9

IMF

Answer 9

International Monetary Fund. global economic stability.

Question 10

EEC

Answer 10

European economic community. economic integration

Question 11

NEDC

Answer 11

new European driving cycle. test to measure emissions and fuel

Question 12

TUC

Answer 12

trades union congress. fights for workers rights

Question 13

TGWU

Answer 13

transport and general workers union. protecting workers rights

Question 14

R&D

Answer 14

Research & development. improving business products, services ect

Question 15

NATO

Answer 15

North Atlantic treaty organisation. military alliance for defence

Question 16

GDP

Answer 16

gross domestic product. measure of economic performance of a country.