The UK Economy Flashcards
0
Q
What is GDP?
A
Gross Domestic Product.
-Measures the value of output produced in the UK.
1
Q
Define recession
A
2 consecutive terms (3 months) of negative growth.
2
Q
What is GNP?
A
Gross National Product.
-Measures the output of the UK AND abroad.
3
Q
What are the main government economic objectives?
A
- Control inflation at 2%
- Reduce unemployment
- Balance of payments
- Reduce inequality
- Have positive economic growth
- Improve environmental standards
- Reduce government deficit
