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Verity Russell
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Decks in this class (131)
Th2: Definitions 1
Actual growth,
Aggregate demand,
Aggregate supply
19
cards
Th2: Definitions 2
Deflation,
Deflationary policy,
Demand pull inflation
20
cards
Th2: Definitions 3
Imports,
Inactive,
Income
18
cards
Th2: Definitions 4
Marginal propensity to withdraw,
Market based supply side policies,
Monetary policy
19
cards
Th2: Definitions 5
Real wage unemployment,
Recession,
Retail price index rpi
18
cards
Th4: Definitions 1
Absolute advantage,
Absolute poverty,
Aid
17
cards
Th4: Definitions 2
Cyclical deficit,
Depreciation,
Devaluation
20
cards
Th4: Definitions 3
Globalisation,
Harrod domar model,
Human capital
15
cards
Th4: Definitions 4
Monetary unions,
Moral hazard,
National debt
17
cards
Th4: Definitions 5
Trade liberalisation,
Trading bloc,
Transfer payments
5
cards
Th2.1: Rates of GDP as Measure of Economic Growth
What is economic growth,
What is economic growth usually m...,
Gdp definition
10
cards
Th2.1: Other National Income Measures
What does gni stand for,
What does gnp stand for,
Define gni
4
cards
Th2.1: Making Comparisons about Growth
What is the first way to compare,
What is the second way to compare...,
What are the two ways of making c...
5
cards
Th2.1: Purchasing Power Parities
Define purchasing power parities,
What do purchasing power parities do,
How are these useful when compari...
5
cards
Th2.1: Problems of Using GDP to Compare SOL
What is the first problem of usin...,
What are the first 3 ways that da...,
What are the other 3 ways data ca...
8
cards
Th2.1: UK National Wellbeing
What did the prime minister launc...,
What does the mnw report measure,
What three things affect personal...
8
cards
Th2.1: Real Incomes and Subjective Happiness
What two things are positively re...,
What are high levels of income no...,
What is the easterlin paradox
5
cards
Th2.1: Inflation
Define inflation,
Deflation,
Define disinflation
3
cards
Th2.1: Consumer Price Index
What does the ons stand for,
What does the ons do,
How often are new items added to ...
7
cards
Th2.1: Limitations of CPI
How is cpi not totally representa...,
Different households spend differ...,
What does cpi not include and how...
5
cards
Th2.1: Retail Price Index
What does rpi take into account t...,
Why is cpi generally lower than rpi,
Why does rpi exclude the top 4 of...
3
cards
Th2.1: Causes of Inflation
What are the two causes of inflation,
Define demand pull inflation,
Define cost push inflation
9
cards
Th2.1: Effects of Inflation
What will happen if people s inco...,
Who will lose out if there is inf...,
What are the psychological effect...
15
cards
Th2.1: Measures of Unemployment
Define claimant count,
Through the ilo anyone over 16 ca...,
Define employed
7
cards
Th2.1: Comparisons between CC and LFS
Which people wouldn t be included...,
How can people not be eligible fo...,
Which tends to be higher the clai...
6
cards
Th2.1: Rates
Who are the economically active,
How is someone economically active,
Who are the workless
7
cards
Th2.1: Under-employment
Who are the underemployed,
Who are the self employed,
What does reducing staff work hou...
3
cards
Th2.1: Significance of Changes in Activity
What will increases in inactivity do,
However what could decreases in i...
2
cards
Th2.1: Frictional Unemployment
What is frictional unemployment d...,
Why isn t it a serious problem
2
cards
Th2.1: Structural Unemployment
Why is this a much more serious f...,
What is structural unemployment,
Why will people remain unemployed
7
cards
Th2.1: Seasonal Unemployment
How are industries such as touris...,
There is little that can be done ...
2
cards
Th2.1: Cyclical Unemployment
What is cyclical unemployment due to,
What is cyclical unemployment als...,
What do we see when there is a re...
4
cards
Th2.1: Real Wage Inflexibility
What is this unemployment conside...,
How does the minimum wage prevent...,
What do some economists believe a...
4
cards
Th2.1: Migration
What does an increase in net inwa...,
Due to the circular flow of incom...,
What does an increase in net inwa...
6
cards
Th2.1: Skills
What happens as a result of econo...,
What does the uk need to do to im...,
What is structural unemployment c...
5
cards
Th2.1: Unemployment Impacts on Workers
Those who are unemployed usually ...,
What do unemployed people often s...,
Why do the long term unemployed m...
5
cards
Th2.1: Unemployment Impacts on Firms
There will tend to be a decrease ...,
How does long term unemployment a...,
Why can firms take advantage and ...
3
cards
Th2.1: Unemployment Impacts on Consumers
Why do consumers in areas of high...,
How do unemployed consumers lose out,
What might firms do in order to i...
3
cards
Th2.1: Unemployment Impacts on Government
What does the reduced income resu...,
What will increase if the governm...,
The government don t want to wors...
3
cards
Th2.1: Unemployment Impacts on Society
What is rising unemployment linke...,
What does social deprivation mean,
Areas of high unemployment often ...
6
cards
Th2.1: Balance of Payments
What is the balance of payments,
What are imports,
What are exports
6
cards
Th2.1: Current Account
What are the two parts the curren...,
Trade in goods meaning,
Trade in services meaning
8
cards
Th2.1: Current Account Deficit and Surplus
Current account balance formula,
What is a current account surplus,
What is a current account deficit
3
cards
Th2.1: Macroeconomic Objectives
Governments tend to have four mai...,
What can affect achieving a balan...,
What does high economic growth te...
4
cards
Th2.1: Interconnectedness of Economies
What is the first way that the wo...,
What is the second way that the w...,
What is the third way that the wo...
6
cards
Th2.2: Components of AD
Formula for ad,
What does c stand for,
What does i stand for
15
cards
Th2.2: The AD Curve
The ad curve is the same as the d...,
Why is the ad curve downwards slo...,
What are the four main reasons th...
7
cards
Th2.2: Movements and Shifts along AD Curve
What is a movement along the ad c...,
What is a shift of the ad curve c...,
What will a fall in the amount of...
4
cards
Th2.2: Disposable Income
Define disposable income,
What is it the most important fac...,
For most people what will their m...
10
cards
Th2.2: Relationship Between Savings and Consumption
What are savings,
The same factors which affect con...,
Define mps
8
cards
Th2.2: Other Influences on Consumer Spending
What is the first factor that aff...,
If interest rates are high consum...,
What do high interest rates also ...
15
cards
Th2.2: Gross and Net Investment
What is gross investment,
What is net investment,
Why is the distinction between gr...
4
cards
Th2.2: Influences on Investment
What are the first 4 influences o...,
What are the last 4 influences on...,
Rate of economic growth
14
cards
Th2.2: Influences on Government Expenditure
What are the three influences on ...,
The trade cycle,
Fiscal policy
4
cards
Th2.2: Influences on Net Trade Balance
What are the six influences on ne...,
Real income,
Exchange rates
10
cards
Th2.3: The AS Curve
What is aggregate supply,
What does aggregate supply curve ...,
What does the aggregate supply cu...
14
cards
Th2.3: Factors Influencing Short Run AS
What is the main cause of a shift...,
What are the three main things th...,
Changes in cost of raw materials ...
9
cards
Th2.3: Long-run AS
In the short run supply can be in...,
What happens to supply once labou...,
How does the lras curve differ fr...
4
cards
Th2.3: Classical LRAS curve
In the long run what is as indepe...,
In the long run what is as determ...,
What is lras a measure of
7
cards
Th2.3: Keynesian LRAS curve
What view did keynes express,
Refer to pplook at graph 1 what i...,
What do wages tend to be what doe...
9
cards
Th2.3: Shift of LRAS curve
What does a shift of the lras to ...,
There are a number of ways this c...,
As with sras there can be
4
cards
Th2.3: Factors Influencing Long Run AS
What are the six factors of influ...,
Technological advances,
Changes in relative productivity
6
cards
Th2.3: ^^ Changes in Gov Regulations
Size of workforce,
Research and development,
Entrepreneurship
4
cards
Th2.4: The Circular Flow of Income
Households,
Refer to pplook at graph 2 what d...,
Refer to pplook at graph 2 what d...
10
cards
Th2.4: Income and Wealth
What is wealth,
What is income,
What is the difference between we...
4
cards
Th2.4: Injections and Withdrawals
What are injections,
What are the three injections,
What are withdrawals leakages
7
cards
Th2.4: Long Term - Classical LRAS
As the classical lras curve is pe...,
Why do classical economists belie...,
Refer to pplook at graph 3 what d...
14
cards
Th2.4: Long Term - Keynesian LRAS
Keynesian economists agree with c...,
Refer to pplook at graph 5 keynes...,
Refer to pplook at graph 5 howeve...
8
cards
Th2.4: Increasing Aggregate Demand and Supply
What differs between micro and ma...,
Give an example of this
2
cards
Th2.4: The Multiplier Process and Ratio
What is the multiplier process,
It is the ratio of,
What will the initial injection r...
10
cards
Th2.4: Effects on the Economy
What does the multiplier mean can...,
How can injections be used to,
Government use changes in spendin...
5
cards
Th2.4: Effects of the Marginal Propensities
Marginal propensity to consume,
Marginal propensity to save,
Marginal propensity to tax
12
cards
Th2.4: Effects of a Change in AD
What does there have to be in ord...,
If the as is perfectly inelastic ...,
The more elastic the curve
6
cards
Th2.5: Causes of Economic Growth
What does there need to be in ord...,
What do all economists agree rega...,
Any factor which increases lras
3
cards
Th2.5: Land
How does land increase economic g...,
Who do economists argue grow the ...,
Why has saudi arabia experienced ...
3
cards
Th2.5: Labour
How can labour increase economic ...,
What are the two things that,
What can changes in the size of a...
12
cards
Th2.5: Capital
If a country receives sustained i...,
Why will not all investment lead ...
2
cards
Th2.5: Enterprise
What will the government encourag...,
If there is too much wealth distr...,
What will this lack of incentive ...
3
cards
Th2.5: Technological Progress
What does improved technologies mean,
How does improved technologies in...,
Without increased spending
3
cards
Th2.5: Efficiency
How is efficiency important,
What is one way the government ca...,
In order for there to be efficiency
9
cards
Th2.5: Actual and Potential Growth
What is the actual growth,
What is potential growth,
What is the productive potential ...
8
cards
Th2.5: International Trade
Many economists argue that ad can...,
How has export led growth been ef...,
Although increased exports initia...
4
cards
Th2.5: Actual Growth Rates and Long-term Trends
What is the long run trend of rat...,
What is actual growth,
What is the difference between th...
3
cards
Th2.5: Output Gaps
What is an output gap,
What is a positive output gap,
What is a negative output gap
8
cards
Th2.5: Aggregate Demand and Supply
Output gaps can also be illustrat...,
What does lras show on an as ad d...,
Refer to pplook at graph 7 an equ...
8
cards
Th2.5: The Trade Cycle
What is the trade cycle,
Each business cycle is different ...,
What are the two main types of tr...
7
cards
Th2.5: Characteristics of a Boom
When an economy is at its peak bo...,
What is consumption and investmen...,
There will also be
7
cards
Th2.5: Characteristics of a Recession
When the economy is at the bottom...,
What does there tend to be during...,
What will inflationary pressure b...
6
cards
Th2.5: Hysteresis
What suggests that there is a lit...,
Overall why should the economy be...,
What is a problem that can occur ...
7
cards
Th2.5: Economic Growth - Consumers
Why would there be an increase in...,
Why are shares likely to increase...,
What will the rising prices of sh...
6
cards
Th2.5: Economic Growth - Firms
What will happen to investment,
What will happen to business conf...,
As a result of increased investme...
7
cards
Th2.5: Economic Growth - The Government
What will happen to tax revenues,
Referring to card one what does t...,
What can it help to reduce
4
cards
Th2.5: Economic Growth - Current and Future Living Standards
What will an increase in producti...,
What will there be more of,
What tends to increase due to eco...
10
cards
Th2.6: Possible Macroeconomic Objectives
What are the seven possible macro...,
Economic growth,
Low unemployment
13
cards
Th2.6: Demand-Side Policies
What are demand side policies,
What is expansionary policy aimed at,
What is deflationary policy aimed at
5
cards
Th2.6: Monetary Policy - Interest Rates
What is used to change the offici...,
What is the repo rate,
What does a change in the repo ra...
4
cards
Th2.6: Four Key Mechanisms
What will the rise in interest ra...,
What are two particular areas of ...,
What do higher interest rates req...
11
cards
Th2.6: Problems with this Method of Demand Management
What are the six problems with th...,
Balance of trade deficit,
Full effect
7
cards
Th2.6: Quantitative Easing
What is quantitative easing,
What does quantitative mean,
What does easing mean
7
cards
Th2.6: Benefits of Quantitative Easing
What are the three benefits on qu...,
Apr why do asset prices rise,
What does the prices of assets ri...
12
cards
Th2.6: Problems with Quantitative Easing
What are the five problems of qua...,
Hyperinflation,
Second hand goods
6
cards
Th2.6: Other Methods
Open market operations,
What are securities,
What happens when people buy secu...
6
cards
Th2.6: Role of the Bank of England
Who controls monetary policy,
What do the monetary policy commi...,
What is their main aim
6
cards
Th2.6: Fiscal Policy
What are the two ways the governm...,
Rise in income tax,
Rise in government spending
4
cards
Th2.6: Government Budgets
What is outlined in the budget,
A budget deficit,
A budget surplus
3
cards
Th2.6: Indirect and Direct Taxation
What are direct taxes,
What is an indirect tax,
What are the four highest revenue...
5
cards
Th2.6: Problems when Evaluating Fiscal Policy
What are the five problems when e...,
Impacts lras,
Inequality and incentives
7
cards
Th2.6: Evaluation of Demand-side Policies
What do classical economists argu...,
What do classicists believe about...,
What do classicists think about s...
8
cards
Th2.6: Monetary vs Fiscal Policy
Why is monetary policy useful,
What do classicists argue if dema...,
What can fiscal policy have signi...
4
cards
Th2.6: The Great Depression
When was the great depression,
What was unemployment in the uk d...,
What was unemployment in the us d...
5
cards
Th2.6: Causes of the Great Depression
What was the great depression set...,
Loss of consumer business confidence,
Us banking system
8
cards
Th2.6: Policy Responses in the UK
What did the uk government believ...,
What did the uk introduce and wha...,
How did this introduction of the ...
9
cards
Th2.6: Policy Responses in the USA
What did the usa have originally ...,
However what happened in 1932 tha...,
When did the usa reach full emplo...
4
cards
Th2.6: Global Financial Crisis
When did the global financial cri...,
What are some parallels between t...
2
cards
Th2.6: Causes of the Global Financial Crisis
What are the three possible cause...,
Mortgage lending,
Ml how was this an example of a m...
10
cards
Th2.6: Policy Responses in the UK and USA
What were both governments forced...,
What is an example of this,
What policies did they use
6
cards
Th2.6: Supply Side Policies
What are supply side policies,
Over time how can there be improv...
2
cards
Th2.6: Market Based and Interventionist Methods
What are market based policies,
What do these barriers in market ...,
What are interventionist policies
6
cards
Th2.6: Policies - Increased Incentives
What are two ways the uk could in...,
What will the government be doing...,
What will a reduction in benefits...
10
cards
Th2.6: Policies - Promote Competition
What two things can be used to pr...,
What is privatisation,
What is deregulation
8
cards
Th2.6: Policies - Reform the Labour Market
What will happen by increasing th...,
Moreover the labour market could ...,
What is one way of making labour ...
12
cards
Th2.6: Policies - Improve Skills/Quality of Labour Force
What are the three ways the uk co...,
What would increasing spending on...,
What could introducing regulation do
6
cards
Th2.6: Policies - Improve Infrastructure
What are two ways the uk could im...,
What will the government spending...,
What is the issue with offering t...
4
cards
Th2.6: Evaluation of Supply Side Policies
Unlike demand side policies suppl...,
Supply side policies are more,
What can supply side policies be ...
9
cards
Th2.6: Economic Growth vs Environment Protection
As the economy grows,
As we use more resources to make ...,
Economic growth can be achieved w...
3
cards
Th2.6: Economic Growth vs Balance of Payments
Some countries such as india have...,
How has india experienced this issue,
How has china experienced this
3
cards
Th2.6: Unemployment vs Inflation
Refer to pplook at graph 9 what d...,
What did awphillips find the exis...,
This was then generalised into a ...
6
cards
Th2.6: Expansionary and Deflationary Fiscal and Monetary Policies
What will expansionary policies l...,
What will deflationary policies l...
2
cards
Th2.6: Changes in Interest Rates
What will an increase in interest...,
However what will continuously hi...,
What will the interest rate also ...
4
cards
Th2.6: Supply-side Policies
What do supply side policies inte...,
What are supply side policies abl...,
Moreover policies which decrease ...
3
cards
Th2.6: Fiscal Deficits
What may the government decide to...,
What will this decision do,
The higher the fall in output as ...
4
cards
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A Level Eco - Macro 1
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