Aggregate Demand/Supply and Macroeconomic Equilibrium 4.0 / 5 based on 2 ratings ? EconomicsMacroeconomic indicatorsASAQA Created by: hayleyCreated on: 29-03-13 15:38 Positive Expectations Businesses expect the future sales and profits to improve due to factors like increased aggregate demand 1 of 10 Negative Expectations Businesses expect future sales and profits to be less due to factors like falling aggregate demand 2 of 10 Accelerator Effect The relation between the change in new investment and the rate of change of national income 3 of 10 Privatisation Sale of government-owned assets to the private sector 4 of 10 Keynesian the view of John Maynard Keynes, a very influential UK economist (1883-1946) who suggested how governments could cure mass unemployment 5 of 10 Classical view economists who believed that recessions and slumps would cure themselves 6 of 10 Long-run aggregate supply the economy's productive capacity 7 of 10 Natural rate of unemployment the rate of unemployment that is consistent with a stable rate of inflation 8 of 10 Monetary Policy Committee a committee of economists and central bankers who meet monthly and decide whether or not to change the rate of interest 9 of 10 Supply-side shock something that will increase or reduce the costs, hence supply-side of all firms in the economy, eg: a large increase in the price of oil 10 of 10
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