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Economics A level Edexcel > Y1 Macroeconomics > Flashcards

Y1 Macroeconomics Flashcards

1
Q

Name Four main Economic Objectives

A

Low and stable inflation
Real Economic Growth
Low Unemployment
Balance of payments

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2
Q

Name three secondary objectives

A 
Income distribution (equality)
Environmental externalities
Balancing budget
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3
Q

Measures for Unemployment (2)

A

Claimant Count

Labour Force Survey

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4
Q

Why is the LFS usually higher than the Claimant Count?

A

Not all members of a household will claim benefits, while some will still unemployed
- People may be unemployed but not eligible for benefits

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5
Q

What are the criteria for the LFS?

A

Monthly survey
60,000 households
Uses International Labour Organisation definition of u/e
- looked for work past 4 weeks, ready to start in 2 weeks

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6
Q

What is GVA

A

Gross value added (value of resources used to produce goods and services)

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7
Q

How is GDP calculated

A

GVA + taxes - subsidies

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8
Q

How do you calculate Real values with indices

A

= nominal * base year/current year

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9
Q

National Output is theoretically the same as…

A

National income and national expenditure

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10
Q

What is capital depreciation

A

loss in value of capital due to capital consumption and depreciation

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11
Q

GDP + NPIA = ?

A

GNI

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12
Q

What is NPIA

A

Net property income from abroad (international earnings)

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13
Q

Why is GNP a better measure than GDP?

A

It includes overseas and domestic earnings

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14
Q

NNI =

A

GNI - depreciation

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15
Q

What is the best estimate for a country’s national income

A

Net National Income (NNI) = GVA + taxes - subsidies + NPIA - capital depreciation

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16
Q

What type is excluded from National Income calculations?

A

Transfer payments as they have no corresponding outputs

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17
Q

Name a transfer payment

A

2nd hand trade
Government benefits
Pocket Money

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18
Q

What is the most common value used for comparing country’s national income?

A

GDP pc - accounts for population size and is readily available data

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19
Q

Name 5 weaknesses with GDP pc when comparing countries

A 
Purchasing power
Quality of G+S may differ
Income distribution is ignored
Externalities ignored
Unrecorded Economy may differ in size
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20
Q

What is GNP

A

Value of G+S produced domestically and internationally by residents

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21
Q

What is the accelerator equation?

A

Investment = a (change in income)

a is the capital-output ratio (ratio of capital needed to goods produced)

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22
Q

Name 3 positives of investment

A 
Uses profits
Improves effeciency
Raises capicity
Capital can substitute labour (cheaper)
Exploit economies of scale
Provides barrier to entry so start ups can't compete
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23
Q

Net investment =

A

Gross investment - capital depreciation/consumption

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24
Q

What is investment in economics?

A

Adding of CAPITAL stock to the economy

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25
Q

What is the balance of payments?

A

Record of all financial dealings between two countries

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26
Q

What is the balance of payments split into (and which bit is more important for year 1 macro)

A

Current Account (Important), capital and financial accounts

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27
Q

What is the current balance

A

Net trade (difference between exports and imports)

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28
Q

Current account surplus =

A

Exports>Imports

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29
Q

Current account deficit =

A

Imports>exports

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30
Q

Why are current account deficits problems in the long run?

A

means a country is living beyond its means -leads to debt

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31
Q

What is the current account split into?

A

Visibles (goods) and Invisibles (services)

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32
Q

What is Hot Money?

A

IR proportional to ER

Higher interest rates increase saving which increases speculative money flows into the UK, appreciating the pound

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33
Q

What are Primary and Secondary incomes in the current account?

A

Primary is investment income

Secondary is transfers between organisations or governments

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34
Q

What goes from households to firms in the circular flow model?

A

Factors of Production, Expenditure

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35
Q

What goes from firms to households in the circular flow?

A

Wages etc, G+S

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36
Q

What are the injections?

A

Investment, Exports, Government spending

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37
Q

What are the withdrawals?

A

Saving, imports, taxes

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38
Q

How is inflation measured?

A

Typical basket of goods (600 items)

Consumer Price Index and Retail Price index

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39
Q

What is disinflation?

A

A decreasing rate of inflation

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40
Q

What is Stagflation?

A

High inflation during a recession

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41
Q

What is the opposite of inflation?

A

Deflation

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42
Q

What is Money Illusion?

A

Wage increase may not equate to a real change in income, yet people feel richer

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43
Q

3 Costs of high inflation

A

Economic disruption as planning is difficult
Less international competitiveness
Redistribution costs (disrupt fixed incomes/taxes)
Shoe-leather costs - money lost as decisions put off
Menu costs - shops have to change prices
Wage Price Spiral - higher wages mean higher prices which mean higher wages etc

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44
Q

Types of inflation (2)

A

Demand pull

Cost push

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45
Q

6 causes of unemployment

A 
Frictional 
Seasonal
Structural
Cyclical/demand deficient
Real Wage - minimum wage
Benefits trap
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46
Q

3 Costs of unemployment

A 
Loss of household income - less spending
Emotional difficulties for unemployed
Reduces available capital workers
Employers don’t want the long term unemployed
Can lead to increases crime and violence
Costs the government's large amounts in welfare
Loss of economic output
Demand is less
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47
Q

Equations for the multiplier

A

1/(1-MPC) =
1/(MPW) =
1/(MPT + MPM + MPS)

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48
Q

2 examples of supply-side shocks

A

Commodity price rise

Trade Union wage rise

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49
Q

2 Demand-side shocks

A

Stock Market Crash
IR rise
Sharp pound appreciation
World economic recession

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50
Q

What is hysteresis?

A

When a variable does not return to the same trend when dramatically changed

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51
Q

What are the factors of production?

A

Land, labour, capital, enterprise

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52
Q

Name three transfer payments?

A

Pocket money
2nd hand trade
Government benefits

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53
Q

Why is real GDP pc better than just GDP

A

Real adjust for inflation

pc adjust for population time

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54
Q

formula for real

A

nominal x base year/current year

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55
Q

Why is unemployment bad?

A

Wastes scarce resources and means the economy is underperforming

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56
Q

What is inflation

A

increase in average prices

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57
Q

Why is high inflation bad

A

unstable prices and therefore consumers misinterpret and therefore there is misallocation of resources

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58
Q

When is there a current account surplus?

A

Exports>imports

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59
Q

When is there a current account deficit

A

Imports>exports

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60
Q

How is the current account deficit financed?

A

borrowing and selling assets of the general population

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61
Q

Equation is Ad

A

AD = C + I + G +X-M

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62
Q

What is the interest effect?

A

Reason for AD sloping down
- If PL increases people have to borrow more to finance it, this increases demand for loans increasing the cost of money (interest rates), this reduces Consumption and investment therefore AD decreases

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63
Q

What is the wealth affect (in terms of AD)?

A

Reason for AD sloping down

As PL increases, consumer purchasing power decreases reducing RO

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64
Q

What is the international effect?

A

Reason for sloping AD

As PL increase then international competitive decreases and therefore exports decrease reducing AD

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65
Q

What are durable and non-durable goods?

A

Durable - proivdese.g. car

Non-durable - used up or perishes soon after purchase e.g. food

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66
Q

What is MPC?

A

Marginal propensity to consume =
change in consumption/change in income
= dC/dY

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67
Q

What is APC

A

Average propensity to consumer =

C/Y

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68
Q

What is the wealth effect?

A

Large change in asset prices change consumer confidence as they feel wealthier or poorer

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69
Q

What is APS

A

Average propensity to save

= S/Y

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70
Q

What is MPS

A

marginal propensity to save

dS/dY

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71
Q

What is the UK APC approx

A

~90% - high and suggests under investment

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72
Q

What is investment?

A

spending on capital stock

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73
Q

What are the positives of investment? (3)

A 
Uses profits
Raises capacity
Capital can substitute labour
Improves efficiency
Exploit economies of scale
Creates barrier to entry
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74
Q

Variables that affect investment (5)?

A 
Costs
Interest rates
The rate of economic growth
Business expectations/confidence
World economy
Retained profit
access to credit
government regulations
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75
Q

D exogenous

A

non-economic variables have influence

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76
Q

What does “ring-fenced” mean?

A

When areas of G spending are unlikely to change bc they are too supported
(i.e. a government would struggle to cut education spending)

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77
Q

G and T in a deficit/

A

G>T

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78
Q

How is a government deficit financed?

A

Government borrowing

79
Q

What factors affect net trade? (3)

A 
Price (labour/production costs)
Real income - incomes up raise imports
Exchange rate - SPICED
World economy
Protectionism (FREE TRADE)
quality
80
Q

What happens in teh short run

A

at least one factor of production is fixed

81
Q

Why is the SRAS upward sloping

A

As price levels increase, business can make more profit so their output increases

82
Q

Why is the SRAS shallow?

A

As businesses can repsond quickly in the short run to a small increase in price (overtime working for e.g.)

83
Q

What affects SRAS?

A

Supply side shocks

84
Q

Name some supply side shocks

A 
Wage rates
Raw material prices
taxes
exchange rates
productivity
85
Q

What curve works in a similar way to the LRAS

A

PPF

86
Q

What cause shifts in the LRAS (5)

A 
Technological advancements
Productivity increase
Education/skills
Regulation
Size of workforce
COmpetition policy
New enterprise
Mobility of FoP
Economic incentives (e.g tax breaks)
Institutional structure (politics)
87
Q

What is the issue with classical LRAS

A

Doesn’t account for long times of mass unemployment

88
Q

What are the types of LRAS?

A

Classical Keynesian

89
Q

Why is the keynesians model more realistic

A

Modern economies have minimum wages therefore stopping wages falling very low when labour is in excess supply

90
Q

Events in the economic cycle

A

Peak/boom
Downturn/contraction
Regression/depression/slump
Recovery/expansion

91
Q

Circular flow equation

A

O=E=Y

92
Q

Name the injections

A

Investment
Government spending
Exports

93
Q

Name the withdrawals

A

saving
taxing
imports

94
Q

What goes from firms to households in the circular flow diagram

A

Goods and services

Wages/rents/interest/profit

95
Q

What goes from households to firms in circular flow

A

Expenditure (on G+S)

Land, labour, capital

96
Q

When is an economy in equilibrium

A

injections=withdrawals

97
Q

what is not necessarily independant in macro?

A

AD and AS

98
Q

Which side of LRAS is negative output gap

A

left

99
Q

What is the name for the output gap on the right side of the LRAS

A

positive

100
Q

Where does an economy always end up long run in classical economics

A

On the LRAS as LR there is full employment

101
Q

3 equations for the multiplier

A

1/(1-mpc)
1/mpw
1/(mps+mpt+mpm)

102
Q

Principle of the multiplier

A

as money flows around an economy it causex a domino effect by boosting NI more than the initial investment

103
Q

What is the negative multiplier effect

A

What is resultant after a large withdrawal (knock on effects)

104
Q

What are the difficulties with the multiplier (3)

A

Hard to measure
based on the circular flow model
Not instantaneous

105
Q

Difference between real and nominal

A 
Real = adjusted for inflation
Nominal = unadjsuted prices
106
Q

What is a transfer payment

A

movement of money without a corresponding output

107
Q

Difficulties with measuring economic growth? (4)

A

Statistical innaccuracies
Hidden economy (black market)
Home produced services
Public sector (non marketed goods can be difficult to value)

108
Q

Flaws with comparing NI over time (3)

A 
Population changes
quality may chnage
defence costs are not invested
measures are innacurate
C is SR growth but I is LR growth
income inequality
109
Q

What is a Purchasing power parity

A

comparison between GDP taking into account cost of living

110
Q

Why is a PPP better than an exchange rate

A

weaker economies are often undervalued even though their population has a high purchasing power

111
Q

What is wealth?

A

a stock of assets that produce a flow of income over time

112
Q

What is the easterlin paradox?

A

Happiness and income only correlate at low incomes

- only relative income matters once necessities are covered

113
Q

Name indicators of happiness? (5)

A 
Economy
personal finace
location
type of work
health
relationships
well being
government trust
education/skills
114
Q

What is stagflation

A

rising inflation and unemployment

115
Q

definition of a recession

A

tow sucessive quarters of negative growth

116
Q

Name some demand side shocks (3)

A 
housing bubble burst
stock market crash
sharp IR rise
Sharp tax raise
World economic recession
sharp appreciation in the pound
117
Q

What does actual GDP above the trend line represent?

A

Output gap positive

- overworked, unsustainable

118
Q

Why is a positive output gap unsustainable in the long run?

A

Economy is overworked

In the LR workers may demand higher wages for extra hours

119
Q

What is hysterisis?

A

Variable does not return to its former trend

- e.g. shock creates new trend level

120
Q

Why does economic hysterisis occur?

A

A shock can cause long term struxtural unemployment

121
Q

What are the factors on the function of output?

A

Land, labour, capital, technical progress, effeciency

122
Q

How can AD affect long term growth?

A

An increase in demand by cause the need for business investment

123
Q

How long does it take for a government to double at a growth at

i) 3%
ii) 5%
iii) 10%

A

i) 25
ii) 14
iii) 7

124
Q

What is sustainable growth?

A

Must increase productive potential as well as AD

shift AD and LRAS

125
Q

What occurs in unsutainable growth?

A

Scarce resources and used up and increase in price reducing consumption
suppliers try and find alternatives
consumers switch products

126
Q

impact on consumers and producers of economic growth

A

Consumer incomes rise over time, may become unequal

Producers - sales increase, but some markets may disappear

127
Q

impact of economic growth on government?

A

rising tax revenue

rising demand for public goods

128
Q

Impact on environment of economic growth

A

usually negative but depends on regulation

129
Q

What is reflation

A

recovering growth after a recession (QE for e.g.)

130
Q

What two measures are used to measure inflation

A

CPI - consumer price index

RPI - retail price index

131
Q

Is the CPI or RPI usually higher

A

RPI

132
Q

How is inflation calculated?

A

using a typical basket of goods (650 items) and their average change in price
items are weighted and then added proportionately

133
Q

2 main causes of inflation?

A

demand pull

cost push

134
Q

What influences demand pull inflation

A

increases in C I G or X

decreases in M

135
Q

What causes cost push inflation

A

increases in costs for firms
increase in regulations
wage changes

136
Q

Costs of high inflation (5)

A

growth and unemployment (planning difficult)
decreases competitiveness world trade
redistributional costs - real values change dramatically
Price increases are unpopular
Shoe-leather costs - money lost as decisions put off
Menu costs - changing prices
Inflationary noise - ineffecient allocation
Wage price spiral - workers want higher wages which pushes up costs, which means workers need more money etc

137
Q

Problems of deflation (3)

A

depressed demand
lowers confidence
encourages saving

138
Q

Benefits of low inflation

A

money illusion
AD is steady
doesn’t affect saving
investment can repay long term borrowing

139
Q

What is the money illusion

A

low inflation causes people to believe that their wages are increasing when they aren’t in real terms

140
Q

Causes of unemployment (6)

A 
Frictional
Seasonal
structural
Demand-deficient/cyclical
Real wage
benefits trap
141
Q

What is the benfits trap

A

people would rather claim benefits then work

142
Q

What is the real wage cause of unemployment

A

a minimum wage stops firms being able to employ as many people as they want

143
Q

What are three target areas for governments looking to increase employment

A

women
older workers
Disabled workers

144
Q

Pros of migration

A

Fills skills gap

circular flow of income creates jobs

145
Q

Negatives of migrations

A

decreases wage rates

put jobs owned by UK citizens under pressure

146
Q

Costs of unemployment (5)

A 
emotional 
loss of human capital
loss of income and tax revenue
can lead to crime
large costs to government in welfare
reduced AD and output
147
Q

Benefits of small amounts of employment?

A

flexible workforce
career changes can boost productivity
deflationary
defers strikes

148
Q

Name top five global trading nations

A 
usa
china
japan
germany
uk
149
Q

What is the balance of payments?

A

A record of all financial transactions between two countries over a period of time

150
Q

What is the balance of payments spilt up into

A

curent account

capital and financial account

151
Q

What is the current account?

A

Payment for the purchases and sale of goods and services

152
Q

What are invisibles

A

intangible services

153
Q

Example of invisible credit export

A

foreigner staying in UK hotel

154
Q

Example of invisible debit import?

A

foreign holiday

155
Q

what are goods traded

A

visibles

156
Q

Money move in an export?

A

into the UK

157
Q

Name for net money flowing into the UK

A

Current account surplus

158
Q

What type of current account does the uk have

A

deficit

159
Q

What is the current account made of

A

millions of private and public transactions

160
Q

issue of a long term deficit on the current account

A

lead to increasing private debts

161
Q

Point of Hot money

A

IR proportional to ER

162
Q

Two parts of demand side policies

A

Fiscal

Monetary

163
Q

Who desides monetary policy

A

Monetary policy commitee (9 people chaired by Mark Carney)
Part of Bank of England
Independant from government

164
Q

What are the main types of monetary policy

A

IR - conventional

QE - unconventional

165
Q

Is a rise interest rates generally regressive or progressive

A

regressive as the wealthy have larger savings and the poor borrow more

166
Q

What is quantitative easing

A

Government buys financial assets (usually bonds) with newly printed money to increase borrowing and lending

167
Q

IR target

A

2% +- 1%

168
Q

What is key to the analysis marks

A

the transmission mechanism

169
Q

What is government expenditure split into?

A

Capital

Current

170
Q

How is government expenditure financed?

A

Taxing and borrowing

171
Q

What is PSNB

A

Public Sector Net borrowing - government borrowing

172
Q

What is accumulated when PNSB>tax revenue

A

Public sector net debt (PSNB)

173
Q

What is the PSNCR

A

Public sector net cash requirement

174
Q

q.175 what is the current (nov 2017) debt as a percentage of GDP

A

87.2%

175
Q

What are automatic stabilisers?

A

Smooth the business cycle with progressive taxes and benefits systems

176
Q

What are the arguments for running a budget deficit

A

More G and multiplier
Low IR borrow now instead of later
growing economy will be able to cope with future debts

177
Q

Types of fiscal

A

loosening, tightening

178
Q

What does expansionary fiscal policy do

A

shift AD out

179
Q

What type of policy can shift AD in

A

Contractionary demand side poicies

180
Q

Weaknesses of demand-side policies (5)

A

time lag 1-2 years
Can increase debts
Multiplier has little effects in the short run
Difficult to quantise output gap or multiplier
Very easy to overstimulate economy

181
Q

What would a keynesian economist say about demand side policy

A

only way out of a recession (diagram)

182
Q

Name some supply side policy (5)

A 
incentives
promoting competition
reforming the labour market
improving labour quality
improving infrastructure
removing red tape
183
Q

Why is supply-side sometimes more advantageous than demand side

A

long term and deflationary

184
Q

Problems with supply side

A

can cause output gap

can increase income inequality (cutting min wage)

185
Q

what happens when AD is raised

A

Increase Real output
Lower unemployment
Inflationary pressure (especially if small output gap)
Reduced international competitiveness → balance of payments deterioration

186
Q

AS shift what happens?

A

Improve or worsen all 4 main macroeconomic objectives (growth, inflation, employment, balance of payments)
Can have knock on effects on wages and the labour force

187
Q

What are on the axis of the short run Philips Curve

A

unemployment

Rate of change of moeny wage (inflation)

188
Q

What is key to the trade off?

A

Where the current equilibrium is on the LRAS (keynesian)

189
Q

What is the accelerator equation

A

It = a (Yt - Yt-1)

190
Q

How do you calculate the accelerator coefficient

A

ratio of capital to goods

191
Q

What does the CPI exclude

A

mortage payments
council tax
tv licences

192
Q

Name of the survey used for inflation calculation

A

Living costs and food survey (LCF)

193
Q

D productivity

A

output per unit of input

Economics A level Edexcel (6 decks)

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