Economics-Unit 2

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Everyone that is willing and able to work has a job
Full Employment
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Those who are working and those who are unemployed but are looking for a job
Workforce
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Cash leaving the UK economy
Import
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Cash entering the UK economy
Exports
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Imports more than exports, therefore more money is leaving the economy than money coming in
Deficit
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Growth in the output of the economy over time. The growth of real GDP over time
Economic Growth
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This is the total value of goods and services produced in the country in a years
GDP
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A sustained rise in the general price level over time
Inflation
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Caused by excess demand in the economy
Demand Pull
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Caused by a rise in costs in the economy leading to price increases
Cost Push
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When workers who are able and willing to work are able to find employment at current wage rates
Unemployment
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When all of those willing and able to work are in paid employment at the current wage rate
Employment
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Controlling the toal amount of money in the economy and how expensive it is to borrow that money
Monetary Policy
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The total planned expenditure on goods and services produced in the UK
Aggregate demand
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The total amount of goods and services which can be supplied in an economy at a given price over a given period of time
Aggregate Supply
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How incomes are shared out among the people of the country
Distribution of income
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A policy to reduce the inequalities of income so that incomes are distributed evenly
Redistribution of income
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Incomes are distributed unevenly so some people have a much higher income than others
Inequalities of income
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Benefits to citizen which are paid out in tax revenue
Transfer payments
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When the market fails to allocate resources in the best interests of society as a whole
Market Failure
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The impact of a business decision on other people or society, sometimes called spill over effects
Externalities
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When production takes place there can be negative effects on people in society who are not part of the production process
Production Externality
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This occurs when consuming a good, causes either as positive or negative externality to a third party
Consumption Externality
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Other cards in this set

Card 2

Front

Those who are working and those who are unemployed but are looking for a job

Back

Workforce

Card 3

Front

Cash leaving the UK economy

Back

Preview of the front of card 3

Card 4

Front

Cash entering the UK economy

Back

Preview of the front of card 4

Card 5

Front

Imports more than exports, therefore more money is leaving the economy than money coming in

Back

Preview of the front of card 5
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