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Economics Theme 2 Key Term Glossary- The UK Economy, Performance and Policies

This class was created by Brainscape user Faiza Uddin. Visit their profile to learn more about the creator.

By: Faiza Uddin
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Decks in this class (23)

2.1.1 Economic growth
Big mac index,
Brics economies,
Constant prices
33  cards
2.1.2 Inflation
Consumer price index cpi,
Cost push inflation,
Cpih inflation
19  cards
2.1.3 Employment and unemployment
Claimant count,
Cyclical unemployment,
Discouraged workers
48  cards
2.2.1 Aggregate demand
Aggregate demand,
Animal spirits
2  cards
2.2.2 Consumption (C)
Consumer confidence,
Consumer durables,
Consumer spending
16  cards
2.2.3 Investment (I)
Access to credit,
Animal spirits,
Business confidence
10  cards
2.2.4 Government Expenditure (G)
Fiscal policy,
Fiscal deficit,
Government borrowing
6  cards
2.2.5 Net trade (X-M)
Exchange rate,
Net primary income,
Net secondary income
5  cards
2.3.1 The characteristics of AS
Aggregate supply,
Aggregate supply shock
2  cards
2.3.2 Short-run AS
Costs of production,
Exchange rate,
Short run aggregate supply sras
3  cards
2.3.3 Long-run AS
Classical lras,
Competition policy,
Demographic change
14  cards
2.4.1 National income
Circular flow of income,
Income,
Wealth
3  cards
2.4.2 Injections and withdrawals
Injections,
Withdrawals
2  cards
2.4.3 Equilibrium levels of real national output
Aggregate demand,
Aggregate supply,
Equilibrium national output
4  cards
2.4.4 The multiplier
Marginal propensity to consume mpc,
Marginal propensity to import mpm,
Marginal propensity to save mps
8  cards
2.5.1 Causes of growth
Actual short run growth,
Long run growth,
Net inward migration
14  cards
2.5.2 Output gaps
Negative output gaps,
Output gap,
Positive output gap
4  cards
2.5.3 Trade (business) cycle
Boom,
Depression,
Double dip recession
15  cards
2.5.4 The impact of growth
Distribution of income,
Economic development,
Foreign direct investment
6  cards
2.6.1 Possible macroeconomic objectives
Balanced growth balanced expansio...,
Budget balance,
Budget deficit
11  cards
2.6.2 Demand-side policies
Austerity,
Automatic stabilisers,
Budget balance
49  cards
2.6.3 Supply-side policies
Competition policy,
Competitive market,
Ease of entry
17  cards
2.6.4 Conflicts and trade-offs
Phillips curve,
Policy asymmetry,
Trade off
3  cards

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Economics Theme 2 Key Term Glossary- The UK Economy, Performance and Policies

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