Econ word search Part I 3.0 / 5 based on 1 rating ? Critical ThinkingAll LevelsAll boards Created by: ChloeCreated on: 09-01-13 21:41 95106732148 Across 1. Average rate of economic growth measured over a period of time, normally over the course of the economic cycle. (peak to peak or trough to trough) (5, 4, 2, 6) 4. All those people of working age who are in employment or actively seeking work (6, 5) 7. The knowledge and skills of labour force (5, 7) 8. The difference between the actual and potential output of an economy. Where actual output is below potential output as - output gap. + output is in short run, actual output exceeds the economy's potential output (6, 3) 9. The amount of the capital needed to generate each unit of output (7, 6, 5) 10. Exists when firms in the economy are capable of producing more output than they are actually producing (5, 8) Down 2. The theory of investment that states that the level of investment depends on the rate of change of national income (11) 3. Sustained increase in general level of prices, measured in the UK by changes in the cost of basket of goods and services bought by a typical household (CPI), weighted according to the expenditure on each item in the basket (9) 5. A measure of total output, expenditure or income of an economy after adjusting for changes in the price level. The growth of real GDP is the percentage change in output during a particular time period, often measured over a year. (4, 3, 6) 6. A measure of the material well-being of a nation and its people (8, 2, 6)
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