everyone who is able and willing to work has a job
Full employment
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the growth in the output of the economy. The value of output is equal to the value of incomes for the workers and owners of factors of production
Economic growth
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this aims to keep inflation low, aka the general price leval of goods and services.
Price stability/ low inflation
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an aim for a balance between imports and exports
Balancing exports and imports
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resources comprising land (including natural resources), labour, capital and enterprise.
Factors of production
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a policy that uses taxation and government spending to try and achieve objectives of the government
Fiscal policy
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aimed at changing the total demand in the economy through changes in interest rates. It is not directly operated by the government.
Interest rate policy
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aimed to increase economys capacity to produce more goods. Increase supply!
Supply-side policy
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growth in output of the economy over time/ a growth in real GDP over time
Economic growth
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The total value of goods and services produced in a the country in a year
Gross domestic product (GDP)
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GDP divided by the total population, therfore GDP per head
GDP per capita
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more investment alowws the economy's capacity to produce more goods and services in the future
Investment
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technical progress means quality of capital goods improves and a given quanity of capital can now produce more
Changes in technology
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The economy can produce more if it has more workers
A larger workforce
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This effects the quality od the workforce. The more educated, traine and skilled a woeker is the more thecountey can produce
Education and training
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if country's discover or develop natural resources, this can be a stimulus for economic growth .
Natural resources
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The benefits of growth are unevenly spread. This means some people become beter off, while others are 'left behind'. The gap between the rich and poor becomes wider.
Inequalities of income and wealth
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when all those who are able and willling to work are in paid employment at the current eagw rate
Full employment
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when workers who are able and willing to work are unable to find employment at current wage rates
Unemployment
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measures unemployment according to the number of people claiming unemployment- related benefits.
Claimant count
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A survey sample of housholds , counting people as unemployed if they are activley seekng work but do not have a job.( in the week of the survey.
Labour force survey
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This is people choosing no to work
Voluntary unemployment
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This is when seasonal wokers aren't being employed at other times of the year.
Seasonal unemployment
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Cause by workers moving between jobs. There are time lags between working leaving their job and fingding a new one.
Frictional unemployment
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Cuases by long term changes in the structure of the industry when some industries decline.
Structural unemployment
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This is cause by capital taking the place of labour. Automation means that workers loose their jobs
Technological unemployment
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Cuased by a fall in total (aggreagate) demand in the economy.
Cyclical unemployment
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A sustained rise in the general price leval over times
inflation
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The general leval of prices is kept at a constant or grows at an acceptable rate over time
Price Stability
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The rate at which the general price leval rises over time
Rate of Inflation
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The official measure of the rate of inflation
Consumer Price Index
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The inflation cuased by growth in the economys money supply
Monetry Infaltion
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Inflation cause by excess demand in theeconomy
Demand-pull Infaltion
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Infaltion cause by a rise in the costs in the economy
Cost-push Inflation
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Whatever the cuase it can continue in a wage price spiral.
Wage Price Spiral
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A rate of inflation so high that the value of money becomes close to worthless
Hyperinflation
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Other cards in this set
Card 2
Front
the growth in the output of the economy. The value of output is equal to the value of incomes for the workers and owners of factors of production
Back
Economic growth
Card 3
Front
this aims to keep inflation low, aka the general price leval of goods and services.
Back
Card 4
Front
an aim for a balance between imports and exports
Back
Card 5
Front
resources comprising land (including natural resources), labour, capital and enterprise.
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