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Economics > Government and the macroeconomy > Flashcards

Government and the macroeconomy Flashcards

1
Q

National champions

A

industries that are, or have the potential to be, world leaders

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2
Q

Strategic industries

A

industries are important for the economic development and safety of the country

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3
Q

Trade blocs

A

a regional group of countries that remove trade restrictions between them

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4
Q

Free international trade

A

the exchange of goods and services between countries without restriction

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5
Q

Economic growth

A

an increase in the output of an economy in the long run, an increase in the economy’s productive potential

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6
Q

Actual economic growth

A

an increase in the output of an economy

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7
Q

Potential economic growth

A

an increase in an economy’s productive capacity

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8
Q

Full employment

A

the lowest level of unemployment possible

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9
Q

Unemployment rate

A

the percentage of the labour force who are willing and able to work but are without jobs

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10
Q

Price stability

A

the price level in the economy not changing significantly over time

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11
Q

Balance of payments

A

the record of a country’s economic transactions with other countries

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12
Q

Budget deficit

A

government spending is higher than government revenue

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13
Q

Budget surplus

A

government revenue is higher than government spending

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14
Q

Inflation

A

the rise in the price level of goods and services over time

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15
Q

Informal economy

A

that part of the economy that is not regulated, protected or taxed by the government

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16
Q

Fiscal policy

A

decisions on government spending and taxation designed to influence aggregate demand

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17
Q

Monetary policy

A

decisions on the money supply, the rate of interest and the exchange rate taken to influence aggregate demand

18
Q

Supply-side policy

A

measures designed to increase aggregate supply

19
Q

Deregulation

A

the removal of rules and regulations

20
Q

Circular flow of income

A

the movement of expenditure, income and output around the economy

21
Q

Transfer payments

A

transfers of income from one group to another not in return for providing a good or service

22
Q

Nominal GDP

A

GDP at current market prices and so, not adjusted for inflation

23
Q

Real GDP

A

GDP at constant prices and so, adjusted for inflation

24
Q

Recession

A

a reduction in real GDP over a period of six months or more

25
Q

Employment

A

being involved in a productive activity for which a payment is received

26
Q

Unemployment

A

being without a job while willing and able to work

27
Q

Claimant count

A

a measure of unemployment which counts as unemployed these in receipt of unemployment benefits

28
Q

Labour Force Survey (ILO) Measure

A

a measure of unemployment which counts as unemployed people who identify as such in a survey

29
Q

Frictional unemployment

A

temporary unemployment arising from workers being in between jobs

30
Q

Structural unemployment

A

unemployment caused by long-term changes in the pattern of demand and methods of production

31
Q

Cyclical unemployment

A

unemployment caused by a lack of aggregate demand

32
Q

Search unemployment

A

unemployment arising from workers who have lost their jobs, looking for a job they are willing to accept

33
Q

Casual unemployment

A

unemployment arising from workers regularly being between periods of employment

34
Q

Seasonal unemployment

A

unemployment caused by a fall in demand at particular times of the year

35
Q

Regional unemployment

A

unemployment caused by a decline in job opportunities in a particular area of the country

36
Q

Technological unemployment

A

unemployment caused by workers being replaced by capital equipment

37
Q

Deflation

A

a sustained fall in the prices of goods and services

38
Q

Disinflation

A

a fall in the rate of inflation

39
Q

Cost-push inflation

A

rises in the price level caused by higher costs of production

40
Q

Demand-pull inflation

A

rises in the price level caused by excess demand

41
Q

Monetary inflation

A

rises in the price level caused by an excessive growth of the money supply

Economics (6 decks)

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