Economics-Unit 2 1.0 / 5 based on 1 rating ? EconomicsUnit 2GCSEOCR Created by: EGFRevisionCreated on: 15-04-18 11:34 Everyone that is willing and able to work has a job Full Employment 1 of 23 Those who are working and those who are unemployed but are looking for a job Workforce 2 of 23 Cash leaving the UK economy Import 3 of 23 Cash entering the UK economy Exports 4 of 23 Imports more than exports, therefore more money is leaving the economy than money coming in Deficit 5 of 23 Growth in the output of the economy over time. The growth of real GDP over time Economic Growth 6 of 23 This is the total value of goods and services produced in the country in a years GDP 7 of 23 A sustained rise in the general price level over time Inflation 8 of 23 Caused by excess demand in the economy Demand Pull 9 of 23 Caused by a rise in costs in the economy leading to price increases Cost Push 10 of 23 When workers who are able and willing to work are able to find employment at current wage rates Unemployment 11 of 23 When all of those willing and able to work are in paid employment at the current wage rate Employment 12 of 23 Controlling the toal amount of money in the economy and how expensive it is to borrow that money Monetary Policy 13 of 23 The total planned expenditure on goods and services produced in the UK Aggregate demand 14 of 23 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 15 of 23 How incomes are shared out among the people of the country Distribution of income 16 of 23 A policy to reduce the inequalities of income so that incomes are distributed evenly Redistribution of income 17 of 23 Incomes are distributed unevenly so some people have a much higher income than others Inequalities of income 18 of 23 Benefits to citizen which are paid out in tax revenue Transfer payments 19 of 23 When the market fails to allocate resources in the best interests of society as a whole Market Failure 20 of 23 The impact of a business decision on other people or society, sometimes called spill over effects Externalities 21 of 23 When production takes place there can be negative effects on people in society who are not part of the production process Production Externality 22 of 23 This occurs when consuming a good, causes either as positive or negative externality to a third party Consumption Externality 23 of 23
Comments
No comments have yet been made