F582 (OCR National and International Economy) Definitions from textbook

All the definitions that appear in the National and International part of the AS OCR Economics textbook.

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  • Created by: Beth
  • Created on: 26-04-13 17:36

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National and International Economy Definitions

Aggregate Demand - The total demand for a country's goods and services at a
given price level and in a given time period.

Aggregate Supply - The total amount that producers in an economy are willing
and able to supply at a given price level…

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Demand-pull Inflation - Increases in the price level caused by increases in
aggregate demand.

Discretionary Fiscal Policy - Deliberate changes in government spending and
taxation designed to influence aggregate demand.

Dissave - Spending more than disposable income.

Distribution of Income - How income is shared out between households in a…

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Gross Domestic Product (GDP) - The total output of goods and services
produced in a country.

Hysteresis - Unemployment causing unemployment.

Imports - Products bought from abroad.

Inflation - A sustained rise in the price level.

Inflation Rate - The percentage increase in the price level over a period of…

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Multiplier Effect - The process by which any change in a component of aggregate
demand results in a greater final change in real GDP.

Net Exports - The value of exports minus the value of imports.

Net Savers - People who save more than they borrow.

Nominal GDP - Output…

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Retail Prices Index (RPI) - A measure of inflation that is used for adjusting
pensions and other benefits to take account of changes in inflation and
frequently used in wage negotiations.

Retained Profits - Profit kept by firms to finance investment.

Saving ­ Real disposable income minus spending.

Savings Ratio…

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Wealth - A stock of assets, e.g. property, shares and money held in a savings
account.

World Trade Organisation (WTO) - An international organisation that promotes
free international trade and rules on international trade disputes.

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